Suzlon Share Price Surge: Investors Cheer as Stock Hits Circuit Limit
📈 Mumbai, 30 March 2024: In a remarkable turn of events, Suzlon Energy Limited’s stock witnessed a massive surge during Thursday’s trading session. Investors showed strong confidence in the stock, leading to a rally that saw the stock hitting a circuit limit of over 5%. The intraday price of the share rose to ₹40.47, marking a significant increase.
📉 Still Below 52-Week High: Despite the recent surge, Suzlon’s share price remains 20% below its one-year high of ₹50.72. The stock had reached its peak on 2nd February, showing an impressive multi-bagger return of nearly 473% from its 52-week low.
🎯 Analyst Target Price: Brokerage firm Anand Rathi has set a target price of ₹49 for Suzlon Energy. With a strong market share of 32% in India’s wind turbine sector, the company has seen a turnaround in its financial performance post-2006. The focus on debt reduction and a consistent flow of orders have benefited the stock.
📊 CRISIL Rating Upgrade: Recently, CRISIL upgraded Suzlon’s financial rating to ‘A’ with a positive outlook, recognizing the company’s strong financial position. The stock remains under Additional Surveillance Measure by the BSE and NSE, ensuring investor protection.
With Suzlon Group’s recent announcement and positive market sentiments, the stock is set to attract more attention in the renewable energy sector. Stay tuned for further updates on Suzlon’s performance in the coming days!
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