Why Suzlon share price touched upper circuit after Budget 2024?

Stock market today: After the conclusion of the Budget 2024 speech of the finance minister Nirmala Sitharaman, shares of Suzlon Energy Ltd touched a 5 percent upper circuit and climbed to a new 52-week peak of ₹48.20 apiece on NSE. Suzlon share price today opened upside at ₹47.30 apiece on NSE and touched an intraday high of ₹48.20 ahead of the interim budget presentation.

However, Suzlon shares retraced from its intraday high and touched an intraday low of ₹47 apiece ahead of the budget speech. The renewable energy stock soon gathered momentum when Nirmala Sitharaman was about to conclude her speech and touched a 5 percent upper circuit.

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According to stock market experts, Suzlon share price today hit a new 52-week high because of the Budget 2024 proposals. They said that Union Budget 2024 proposes development for the Grenn Energy companies, especially those who deal in wind energy. As Suzlon Energy deals in this segment, the market is expecting benefits for the company on Budget 2024 proposals.

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Budget 2024 fuels Suzlon share price

Connecting Suzlon share price rally with the Budget 2024, Divam Sharma, Founder and Fund Manager at Green Portfolio said, "Green Energy as expected has some developments. Wind Energy in particular is very interesting for us as we invest in a company that works in the wind industry. The share price of that company also went up as the announcement was made to promote offshore wind energy harnessing by gap funding."

Suzlon share price target

Expecting further upside in Suzlon share price, Sumeet Bagadia, Executive Director at Choice Broking said, "Suzlon share price is looking positive on the chart pattern. Those who have Suzlon shares in their stock portfolio are advised to hold the energy scrip maintaining stop loss at ₹45 apiece levels. Suzlon share price has a potential to go up to ₹55 and ₹60 per share levels in the short term."

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