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Business News/ Markets / Stock Markets/  Suzlon shares continue bulltrend despite 350% rally in FY24. Buy, sell or hold?

Suzlon shares continue bulltrend despite 350% rally in FY24. Buy, sell or hold?

Suzlon shares have risen from around ₹7 to ₹32.80 apiece levels in current fiscal

Suzlon Energy Ltd is expected to declare its Q2 results 2023 on 2nd November 2023.Premium
Suzlon Energy Ltd is expected to declare its Q2 results 2023 on 2nd November 2023.

Stock market today: Shares of Suzlon Energy Limited has been in uptrend after ushering in new financial year 2023-24. Suzlon shares bottomed out at 7.05 apiece levels on NSE at the end of March 2023 and since then its has been rising continuously. Suzlon share price today opened with an upside gap and hit intraday high of 32.80 apiece lveles, logging over 350 per cent rise in current financial year. However, stock market experts believe that the energy stock still has some steam left.

According to stock market experts, Suzlon shares are in uptrend after the announcement of debt reduction. They said that recent receipt of order has strengthened company's order book as well. They said that Suzlon shares are facing hurdle at 35 levels and on breaching this hurdle it may go up to 40 apiece levels in near term.

Triggers for Suzlon shares

On why Suzlon share price is skyrocketing these days, Rajesh Sinha, Sr. Research Analyst at Bonanza Portfolio said, "Rally in Suzlon shares 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."

RIL share price rises 2% after Q2 results

On other fundamental triggers that have played an important role in fueling Suzlon Energy share price, Rajesh Sinha of Bonanza Portfolio said, “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

Speaking on Suzlon Energy share price, Sumeet Bagadia, Executive Director at Choice Broking said, "Suzlon shares are in bull trend and it may go up to 40 apiece levels in medium term once it breaches its current hurdle placed at Rs35 apiece on closing basis."

The technical analyst of Choice Broking advised Suzlon shareholders to maintain trailing stop loss at 25 and hold for above-mentioned targets.

Suzlon Energy news

The second quarter results of the company for current financial year is still awaited. The company has informed Indian exchanges that its board of directors will consider and approve unaudited Q2FY24 results in its board meeting scheduled on 2nd November 2023.

"Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that a Meeting of the Board of Directors of the Company will be held on Thursday, 2nd November 2023 to, inter alia, consider and approve the Unaudited Financial Results of the Company on Standalone and Consolidated basis for the quarter and half year ended on 30th September 2023," Suzlon Energy Ltd said in its exchange communication.

In Q1FY24, Suzlon Energy had reported sharp decline of 96 per cent in consolidated net profit to 101 crore, compared to 2,433.33 crore in the corresponding period of previous financial year 2022-23. The renewable company's revenue from operations in the first quarter of current fiscal came in at 1,347.52 crore, registering a decline of two per cent, compared to 1,377.58 crore in the year-ago period.

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 decision.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 30 Oct 2023, 10:38 AM IST
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