Suzlon Energy shares hit 52-week high for third straight session; Rs 25 target in sight?

Shares of renewable energy firm Suzlon Energy Ltd touched their 52-week high for the third straight session today as the broader market looked set to extend losses from Friday’s session. Suzlon Energy stock hit a 52-week high of Rs 20.40 on BSE. The stock hit the yearly high for the third consecutive session. On Friday, Suzlon Energy shares hit yearly high of Rs 19.66, also the closing level of the previous session. On Thursday last week, Suzlon Energy stock touched a yearly of Rs 18.73 on BSE.

The renewable energy stock rose 5% to the fresh 52 week high. Market cap of Suzlon Energy rose to Rs 25,394 crore.

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Turnover and volumes were high for the Suzlon Energy stock with 233.04 lakh shares changing hands amounting to a turnover of Rs 47.80 crore on BSE.

In terms of technicals, the relative strength index (RSI) of the stock stands at 74.5, signaling it's trading in the overbought zone. Suzlon Energy shares have a beta of 1.6, indicating very high volatility in a year. Suzlon Energy stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher sees the stock going to Rs 25 level if the momentum of the rally in the Suzlon stock continues.

“The stock has again picked up momentum with decent volume participation witnessed and has moved out of the range to expect for fresh upward move in the coming days. The RSI has indicated strength and has potential to carry on the momentum still further ahead. With support now maintained near Rs 18.50 zone, one can anticipate for further targets of Rs 22 and thereafter Rs 25 with strength maintained intact.”

AR Ramachandran from Tips2trades said, "Suzlon Energy is bullish but also overbought on the daily charts with next resistance at Rs 20.95. A daily close below support of Rs 18.3 could lead to Rs 15 in the near term."

Ravi Singh, Vice-President and Head of Research at Share India said, "Suzlon Energy share price is in strong uptrend supported by robust financial performance and growth prospects. The company is managing its expenses efficiently and operating margins are steady. The stock is looking bullish for a target of Rs 21 level in the near term."

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The firm will announce its Q1 earnings on July 25.

The financial performance of the company has remained stellar, being one of the key factors pushing the stock on the higher side.

Suzlon Energy reported a consolidated net profit of Rs 319.99 crore for the March 2023 quarter led by lower expenses. It posted a consolidated net loss of Rs 205.52 crore in the quarter ended on March 31, 2022. Total income from operations fell to Rs 1,699.96 crore in Q4 from Rs 2,478.73 crore a year ago. Total expenses declined to Rs 1,628.39 crore in the March 2023 quarter from Rs 2,511.70 crore a year ago.

In the last fiscal, Suzlon Energy posted a consolidated net profit of Rs 2,887.29 crore against a net loss of Rs 176.55 crore in 2021-22. However, total income in the fiscal dipped to Rs 5,990.16 crore from Rs 6,603.97 crore in 2021-22. Revenue slipped to Rs 5946.84 crore in the March 2023 fiscal against Rs 6519.95 crore for the fiscal ended March 2022.

Suzlon Energy is a provider of renewable energy solutions. The company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.

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