Shares of Suzlon Energy gained for the third straight day to hit a fresh 52-week high; Check target price
Shares of Suzlon Energy hit their fresh 52-week high, rising for the third straight session today. Suzlon Energy stock hit a fresh high of Rs 86.04 against the previous close of Rs 81.05 on BSE. It surpassed its earlier high of Rs 84.40 reached on August 13 this year.
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Suzlon Energy is a renewable energy solutions provider. It produces wind turbines and offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.
The fresh high comes after the multibagger stock closed 5 per cent higher while hitting the upper circuit of 5 per cent in the previous two sessions.
The market cap of the green energy firm climbed to Rs 1.14 lakh crore on BSE. Suzlon Energy stock has gained 827 per cent in two years.
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Shares of Suzlon Energy are trading above their 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, and 200 day moving averages. This implies the stock has been in a bullish zone in all time periods.
Suzlon Energy shares have been on an uptrend since Morgan Stanley reaffirmed its ‘overweight’ rating, following the company’s win of India’s largest wind energy order from NTPC Green Energy Ltd, a subsidiary of NTPC Ltd.
The stock has attracted significant buying interest after the company raised funds and cleared nearly Rs 1,500 crore in debt during FY23-24, turning net worth positive for the first time in a decade. Prominent investors like Blackrock joined as shareholders.
ICICI Securities recently raised its target price for Suzlon Energy to Rs 80, up from Rs 70, while maintaining an ‘Add’ rating due to the recent surge in the stock’s value. The firm values Suzlon at 50 times its projected FY26 earnings of Rs 1.60 per share.
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JM Financial is also bullish on Suzlon as it stated that the company’s sale of its iconic corporate office, Suzlon One Earth, at a fair value, would boost the company’s financial strength and operational efficiency.
With Suzlon paying annual rent equivalent to 12 per cent of the sale consideration against an FY24 ROE of 28 per cent, the brokerage sees the asset-light strategy as value-accretive.
The multibagger stock has rallied over 110 per cent so far this year, outperforming Nifty’s returns of 14 per cent.
In the past 12 months, the counter has risen around 255 per cent, more than tripling investors’ capital. In comparison, Nifty rose 28 percent during this period.
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