Suzlon Energy stock: MFs booked profits at high, sold shares worth Rs 410 cr in October

Suzlon Energy Ltd, whose shares have rallied a whopping 371 per cent in the last six months, saw mutual funds trimming their exposure to  the renewable energy solutions provider in October. The institutional category sold 13.36 crore Suzlon Energy shares in October worth Rs 410 crore, data compiled by Nuvama Institutional Equities suggested. MFs held 49.53 crore Sulzon shares at the end of October compared with 62.89 crore at the end of September. The stock jumped 18.60 per cent in October and is up 27 per cent in November so far.  

Data showed Suzlon Energy was among HDFC AMC and Bandhan MF's top reductions for October. Mutual funds held a total of 4.70 per cent stake in the company at the end of September quarter, BSE data showed. 

Recently,  Suzlon Energy posted a 78.11 per cent year-on-year (YoY) jump in Q2 profit at Rs 102.29 crore against Rs 57.43 crore in the corresponding quarter last year. Sulzon said sales for the quarter was down 0.92 per cent at Rs 1,417.21 crore against Rs 1,430.38 crore YoY. Suzlon Energy's CFO Himanshu Mody later in an interview to Business Today TV said that his firm was focused on delivering of the 1,600 MW of confirmed orders that it has secured in a timely and profitable manner the next few quarters. Suzlon Energy, he said last week, would be selective on orders that are profitable and commensurate with Suzlon's margin profiling.

"We expect Suzlon to deliver revenue and Ebitda CAGR of 38 per cent and 43 per cent, respectively, over FY23-26. We have revised our estimates for FY25/26 upwards driven by healthy order inflow, better execution visibility and an improving product portfolio. We maintain our 'BUY' rating on the stock with a revised target of Rs 37 per share," JM Financial said on the stock on November 3.

The stock was trading at Rs 38.85 on Monday, up 1.15 per cent. Small individual investors with up to Rs 2 lakh worth Suzlon Energy shares accounted for 24.09 per cent of the company stake at September end while HNIs accounted for another 18.85 per cent stake. FPIs owned 9.66 per cent stake in the company at September end, data showed. The stock hit a 52-week high of Rs 39.20 on November 8. It hit a high of  Rs 34.10 and a low of Rs 25.75 in October.

Also read: Stock recommendations for November 13 2023: NDMC, Bharat Electronics & Lemon Tree

Also read: Vedanta shares a new entry in largecap MFs in October; Adani Energy, IDBI Bank complete exits 

Also WATCH: Glass of Gold: Royal Salute Time Chamber By Conrad Shawcross worth almost Rs 1 crore, Ballantine's 40-year-old Masterclass Collection at Rs 9 lakh, Godawan 100 at Rs 92k and more luxe alcohol options