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New Delhi. Shares of Suzlon Energy jumped 5 per cent to a 52-week high of Rs 55.70 on the National Stock Exchange (NSE) on July 24. The stock gained for the third consecutive session. Many brokerages have issued bullish calls in recent days citing the company’s debt reduction, better working capital management and positive outlook. As a result, its shares are witnessing tremendous buying.
Shares of Suzlon Energy closed at Rs 54.86 on Monday, up 3.4 per cent. The stock has given a stellar return in the last 1 year, with a gain of 291 per cent, almost quadrupling investors’ money. Osho Krishna, senior analyst at Angel One, has said that recently the stock has decisively crossed the swing high of 50.60 and is on the way to further growth. He says that now minor declines will get support at the level of Rs 50. According to Osho, if the stock falls below this, then strong support is expected at the level of 48-46.
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recovering from a fall
Osho Krishna told Moneycontrol, “If we look at the technical parameters, then this stock has come in the overbought region. In such a situation, there is a need to be a little cautious. The opinion on the stock is still bullish and if there is a fall, then it should definitely be bought.” According to domestic brokerage Nuvama Institutional Equities, Suzlon Energy has maintained its leadership in wind turbine generator (WTG) / turnkey EPC (engineering, procurement and construction), which is expected to achieve 61 percent PAT (profit after tax) CAGR in FY 24-27.
Where will the stock go
The brokerage says that the company is now ready to reach its previous highs. Nuvama expects Suzlon Energy to maintain a market share of around 30 percent and show strong growth in orders. The brokerage has maintained a buy rating for it with a target price of Rs 52. Mandar Bhojane, equity research analyst at Choice Broking, has said that this stock can achieve a target of Rs 63 and Rs 65 in the near future.
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Tag: Business News, Money making tips, Share Market
first published : June 24, 2024, 5:22 PM IST
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