Suzlon share price at 9-year high, rises 350% in FY24. Good oppportunity for bulls?
- Suzlon shares have risen from ₹7 to ₹32.25 apiece on NSE in the financial year 2023-24
Suzlon Energy shares have been in bull trend after ushering in new financial year 2023-24. Suzlon shares bottomed out at around ₹7 apiece levels on NSE at the end of March 2023 and after that it has risen to the tune of ₹32.25 apiece levels during early morning deals on Friday, delivering to the tune of 350 per cent in the financial year 2023-24. While climbing to this new 52-week high, Suzlon share price went on to climb to its nine year high as it last quoted around ₹32 apiece levels in July 2014.
According to stock market experts, Suzlon shares are rising after continuous debt reduction move and rising order book of the company. They said that Suzlon share price still has steam left in it and any big dip in the stock should be seen as buying opportunity. They said taht Suzlon shares may go up to ₹40 apiece levels in near term.
Why Suzlon share price is skyrocketing?
Speaking on the reason for bull trend in Suzlon shares, Rajesh Sinha, Sr. Research Analyst at Bonanza Portfolio said, “Suzlon Energy share price has been skyrocketing in FY24, giving around 350 per cent return in this time. This move is majorly driven by its debt reduction plan, recently received a significant order for a wind energy project and has been recommended as a buy by some brokerage firms.”
Rajesh Sinha of Bonanza Portfolio went on to add that Suzlon Energy Ltd has enjoyed a market share of 33 per cent in India’s domestic market (based on total installations). It has 20 GW of operational wind power capacity globally and is well ahead of its competitors. Its existing orderbook at 1.5 GW augurs well for execution through the next 2 years. In August 2023, Suzlon Energy bagged a large order for a 201.6 MW wind energy project from Teq Green Power XI, a part of O2 Power.
Suzlon share price target
Expecting further upside in Suzlon shares, Sumeet Bagadia, Executive Director at Choice Broking said, "Suzlon shares are still looking in bull trend on chart pattern. The energy stopck may go up to ₹40 apiece in near term but its crucil support is at ₹26. So, one should ghold the stock and kep on accumulating on every big dip from here."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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