Suzlon Share Price 📈💰: A Multi-Bagger for Investors!
Suzlon Energy Limited’s share price has been soaring, making it a multi-bagger for investors. But what are the chances of further returns in these shares? If you also own these shares, you should know that mutual funds reduced their stake in Suzlon Energy Limited in November. According to Nuveen Institutional Equities, mutual funds sold shares worth INR 1,090 crores ($146 million) in Suzlon Energy Limited in November 2023. The data reveals that HDFC Mutual Fund has completely exited from this share. Other mutual funds, including Bandhan Mutual Fund, Edelweiss Mutual Fund, and Invesco Mutual Fund, sold shares worth INR 264 crores ($35 million), INR 118 crores ($16 million), and INR 70 crores ($9 million) respectively.
It is being speculated that Suzlon Energy Limited can be included in the mid-cap classification of the Association of Mutual Funds in India. According to Nuveen, the official announcement of these changes will be made by AMFI in the first week of January. These changes will remain effective from February to July 2024.
Shareholding of Promoters: At the end of September 2023, the promoters held a 13.29% stake in Suzlon Energy Limited, while the remaining 86.71% stake was with other investors. Talking about the share price of the company, it has become a multi-bagger for investors in the past six months, providing a whopping 165% return. In the past year, it has given returns of over 250%.
On 14th December, Suzlon Energy’s share was trading at INR 37 ($0.50), a decline of 2%. Suzlon Energy Limited is now a debt-free company. Himanshu Modi, Chief Financial Officer of Suzlon Energy Limited, had stated after announcing the company’s quarterly results in November that Suzlon Energy is now debt-free and there is no compulsion to sell assets. According to Modi, the company has accepted orders for 1.6 gigawatts, and after the QIP, it became debt-free with a net cash balance of INR 600 crores ($80 million) on its balance sheet.
Financial Performance: Suzlon Energy Limited reported a revenue of INR 1,417 crores ($190 million) in the September 2023 quarter, slightly lower than the revenue of INR 1,430 crores ($192 million) in the same quarter last year. The company’s net profit increased to INR 102.29 crores ($14 million) in the September quarter, up from INR 56.47 crores ($7.5 million) from a year ago.
With such positive financials and the potential for further returns, Suzlon Energy Limited is definitely a stock to watch out for.
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