Suzlon Share Price witnessing strong buying as shares double in 3 months
The shares of Suzlon Energy Company, a prominent player in the Indian wind energy sector, are experiencing a surge in buying activity. In Monday’s trading session, the stock of Suzlon Energy Company was up by 1.5 percent. This positive trend continued as the stock closed in the green today. Over the past 6 months, Suzlon Energy Company shares have delivered impressive returns to its shareholders.
The share price of Suzlon Energy Company has doubled in the last 3 months, driven by an improved balance sheet and a strong order book. On September 6, 2023, the shares closed at Rs 23.80, registering a gain of 0.85 percent.
Double return in 3 months
Suzlon Energy Company’s stock has doubled in value for its shareholders in just 3 months. On June 5, 2023, the shares were trading at Rs.11.40, and on September 1, 2023, it closed at Rs.25.
As a result, investors have enjoyed a remarkable profit of 120 percent in just 3 months. The share price of Suzlon Energy Company has surged by 194 percent in the last 6 months and 136 percent year-to-date (YTD). Over the past twelve months, the shares have appreciated by 160 percent.
Suzlon Energy Company has a total market capitalization of Rs 34 thousand crores. The stock reached a 52-week high of Rs.27 and a low of Rs 6.6. Brokerage house JM Financial Firm has recommended buying shares of Suzlon Energy Company, setting a price target of Rs 30 lakh.
In a positive development, Suzlon Energy Company reported a profit for the June 2023 quarter after a gap of nearly 6 years. The company recorded a net profit of Rs 101 crore in the April-June 2023 quarter, compared to a loss of Rs 66 crore in the same quarter last year.
Furthermore, Suzlon Energy Company has successfully raised Rs 2000 crore through a Qualified Institutional Placement (QIP) and has fully repaid its debt of Rs 1500 crore. The company is now completely debt-free.
Suzlon Energy Company is the largest wind energy company in India, with a 33 percent market share in the Indian wind power generation sector. It has a global wind power capacity of 20GW and has been receiving a significant number of orders in recent months.
Recently, Suzlon Energy Company secured a substantial order for 3 MW series wind turbines from Tech Green Power Eleven Private Limited, a subsidiary of O2 Power Private Limited. Additionally, the company, along with Instagram Energy Infrastructure Company, was awarded the contract to set up a 31.5 MW wind power project.
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