Suzlon Share Price Target 2023: Suzlon Energy Ltd (NSE: SUZLON) witnessed a notable upswing on Monday, November 6, 2023, as its shares surged to a fresh 52-week high at Rs 35.95 apiece on the National Stock Exchange (NSE), triggering a 5% upper circuit. A similar trend was observed on the Bombay Stock Exchange (BSE), where the stock gained 4.99%, reaching a price of Rs 36.16 per share. This remarkable performance was primarily driven by Suzlon’s robust financial results, reporting a 79% year-on-year (YoY) growth in net profit for the quarter ending September, amounting to Rs 102 crore, compared to Rs 57 crore in the same quarter the previous year.
Following the Q2 FY24 results, JM Financial, a brokerage firm, reiterated its ‘Buy’ rating on Suzlon Energy, with a revised target price of Rs 37. The firm cited reasons for this positive outlook, including an optimistic order inflow, enhanced execution capabilities, and an improved product portfolio.
Suzlon’s stock displayed a strong opening, surging by 4.96% and reaching an intraday high of Rs 35.95 per share. It has continued to trade at this price level and is currently outperforming various moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The delivery volume on November 3rd, which amounted to 2.68 crore shares, marked a substantial increase of 173.72% compared to the 5-day average delivery volume. With a trading value of 2% relative to the 5-day average, the stock demonstrates liquidity sufficient for trade sizes of up to 4.2 crore.
Over the past four days, Suzlon’s stock has shown consistent gains, resulting in a notable 17.48% increase in returns during this period. This performance is in line with the broader sector, with the renewable energy sector also experiencing a positive upswing of 5.31%.
Suzlon share price live: Stock Peers
| Name | Latest Price | Change | % Change | 52W High | 52W Low | Mkt. Cap |
|---|---|---|---|---|---|---|
| Bharat Heavy Electricals | 130.0 | 1.45 | 1.13 | 148.95 | 66.3 | 45266.82 |
| Suzlon Energy | 36.16 | 1.72 | 4.99 | 34.44 | 6.96 | 45102.68 |
| Aia Engineering | 3636.85 | -127.7 | -3.39 | 3824.75 | 2385.0 | 34302.9 |
| Thermax | 2895.5 | -52.65 | -1.79 | 3227.85 | 1830.35 | 32607.63 |
| Voltas | 827.15 | -8.0 | -0.96 | 933.5 | 737.6 | 27369.13 |
(Disclaimer: This article is intended for informational purposes only and should not be construed as financial investment advice. We recommend that readers and investors consult their financial advisors before making any investment decisions.)