Renewable Energy Stock: Buzzing stock Suzlon Energy Ltd (NSE: SUZLON) share price touched a new 52-week high of Rs 53.05 during the trading session on Friday, June 21.
Suzlon shares gained 20% in the last one month and showed positive signs of a bullish trend in recent days. Suzlon energy has offered impressive returns of 276% in the last 1 year.The share price of Suzlon increased 5% and hit an upper circuit. Check more details below.
Why Suzlon Share Hit Upper-Circuit ?
According to the available data on the stock exchange, a block deal was made during the trading session on Thursday, June 20 due to which the share price surged around 4% yesterday and today it further rallied 5% to hit upper circuit. With this, the share price reached fresh 52-week high Rs 53.05.
In addition, the company has been constantly getting lots of orders which has contributed the most in the price surge. Apart from that, Suzlon energy focusing on reducing its debt due to which investors are showing interest in the share recently.
Moreover, renowned market Expert’s are highly bullish and has given Buy ratings due to which buying rate has increased.
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Suzlon Energy Price Targets
The renewable energy stock has been buzzing in the market recently as Market experts are highly bullish on Suzlon energy share and have given new price targets. Check below details to know, how far Suzlon will go?
Domestic brokerage firm Nuvama has given a Buy rating with a price of Rs 53 for suzlon shares.
Morgan Stanley brokerage firm has also given a price target of Rs 58, however an “overweight” rating has been given.
Similarly domestic brokerage firm ICICI securities has also given Buy rating with a Rs 60 target price and Anand Rathi given a share price target of Rs 58 respectively for Suzlon energy shares.
Future Outlook of Renewable Energy Stock
Suzlon Energy Ltd is one of the largest renewable energy companies in the world, operating over 17 countries and providing wind power solutions. With the demand of renewable energy increasing, the share price of Suzlon Energy share is expected to increase along with it because the company is recovering from debt and well positioned to capitalize on the increasing demand of wind energy.
The balance sheet of the company has shown positive signs in recent quarters. In the last 3 years, the company has posted strong profit growth with 38.56% and revenue growth with 112.16% respectively. However investors should note that Suzlon Energy Ltd has a negative cash flow from operations and promoters holding is only 13.29% however foreign institutional investors (FII) is increasing in every quarter which indicates that there’s something special in the Renewable Energy Stock due to which FII’s are showing interest.
As the company’s management is focusing on debt reduction and minimizing the operational costs, the profit of the company will increase exponentially which will lead to a surge in the share price.
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