1:5 Split: Energy Stock Hits Lower Circuit On New Update, Buy For TP Rs 53; Says Nuvama

Suzlon Energy shares today hit 5% lower circuit after Mr. Marc Desaedeleer, Independent Director of the Company, resigned from the directorship of the Company on June 8, 2024. Current market price of Suzlon Energy Ltd share on BSE Is Rs 48.05 per share. Suzlon Energy shares declined over 2% in last 1-week but gained an impressive 246% in last 1-year. Meanwhile, leading brokerage firm Nuvama has recommended buy call to Suzlon Energy shares with target price of Rs 53 per share. Suzlon Energy has a market capitalisation of Rs 64,876.81 crore. Check key details below:

Nuvama On Suzlon Energy: The analyst has set a target price of Rs 53 on Suzlon Energy share. According to the brokerage firm, "Desaedeleer's recommendations were soft and process-oriented and were more 'best in class'/'beyond the normal requirement of law' corporate governance standards and transparency practices rather than actual operational/ethical necessities. None of the suggestions revolved around financial or operational irregularities or non-compliance with law. Suggestions were on the matters that did not meet Desaedeleer's personal standard of expectations and speed of implementation."

"With Suzlon turning around its financial position and the operational ramp-up expected in FY25, management is looking to address the needs of the business first, and intends to implement such best-in-class suggestions in due course. We, hence, find no reason to stray away from our 'BUY' thesis on Suzlon (unchanged TP INR53) driven by the upturn in the wind sector and financial turnaround of the company," added the brokerage firm.

Suzlon Energy Share Performance: The 52-week high price of Suzlon Energy share on BSE is Rs 52.19 per share (as on 04/06/2024) and 52-week low price is Rs 13.28 per share (as on 23/06/2023). Suzlon Energy shares jumped 22% in last 1 month, soared 25% in last 6-months, gave return of 515% in last 2-years only, and offered 620% return in last 3-years. In last 5-years, Suzlon Energy shares zoomed massively by 1027%.

FII Stake In Suzlon Energy: FII/FPI have increased holdings from 17.83% to 19.57% in Mar 2024 qtr. Number of FII/FPI investors increased from 464 to 574 in March 2024 quarter. Mutual Funds have increased holdings from 1.33% to 1.86% in March 2024 quarter. Number of MF schemes increased from 17 to 23 in March 2024 quarter, according to Trendlyne.

Suzlon Energy Dividend & Stock Split History. Suzlon Energy Ltd. has declared 4 dividends since February 3, 2006. Suzlon Energy split the face value 1 time since January 21, 2008. Suzlon Energy last split the face value of its shares from Rs 10 to Rs 2 in 2008.The share quoted ex-split as on January 21, 2008. Suzlon Energy never declared any bonus share so far.

Suzlon Recent Order Win: This order is for the company's larger rated 3.15 MW, S144-140m turbines from the 3 MW product series. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including erection and commissioning. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning.

Vivek Srivastava, Chief Executive Officer, India Business, Suzlon Group, said, "We are happy to announce our first order with Oyster Green Hybrid One Private Limited, an Indian Independent Power Producer (IPP) of great repute. We welcome Oyster to the Suzlon experience and thank them for trusting in our leading technology and comprehensive capabilities throughout the wind energy value chain."

Suzlon Energy About: With over 29 years of operational track record, the Group has a diverse workforce of over 6,200 employees. Suzlon is also India's No. 1 wind energy service company with the largest portfolio of over 14.7 GW in wind energy assets. The Group has ~6 GW of installed capacity outside India, according to its official website.

Disclaimer:

The stock has been picked from the brokerage report of Nuvama. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.