Suzlon Energy shares extend gains, jump 6% today

Shares of Suzlon Energy extended their gains for the second straight session in Tuesday's trade amid heavy volumes. The stock surged 6.35 per cent to hit a day high of Rs 10.39 over its previous close of Rs 9.77.

A total of 1.49 crore shares changed hands on BSE with a turnover of Rs 15.10 crore. The company's market capitalisation or m-cap stood at Rs 10,244.33 crore.

At today's high level of Rs 10.39, Suzlon Energy has lost 14.77 per cent compared to its one-year high of Rs 12.19, hit earlier this month. That said, the stock has ascended by 91.34 per cent from its 52-week low of Rs 5.43, hit in July this year.

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The stock has declined 10.59 per cent in the previous five sessions. On a year-to-date (YTD) basis, it has crawled 2.82 per cent.

On the technical front, the stock has support at Rs 9, an analyst said.

"Suzlon has massive resistance at 12.3. A daily close above this level could lead to higher targets of 13.6-15 in the coming weeks. Strong support will be at 9," said A R Ramachandran from Tips2trades.

The stock traded at a 14-day relative strength index (RSI) value of 53.92. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 6.69.

Meanwhile, Indian equity benchmarks traded almost flat in late morning deals as losses in financial and pharma stocks countered gains in metal and state-owned lenders.

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