Suzlon Energy shares have been in the spotlight due to recent price movements. On Thursday, the company’s stock saw a notable rise of over 2%, reaching an intraday high of Rs 54.96.
Despite a 16% fall in stock value so far this year, March has seen a recovery with a rise of over 10%.
After five months of consistent decline, Suzlon Energy’s stock has caught the attention of investors.
Recent Performance and Recovery Phase
The stock entered a recovery phase after hitting a 52-week high of Rs 86.04 on September 12 last year.
By the end of February, it had declined over 42% from its peak. However, it remains above its 52-week low of Rs 35.50, recorded on March 14 last year.
A recent rally was triggered by the company’s announcement on March 4, where it expanded its largest commercial and industrial order with Jindal Renewables.
Suzlon secured a third order of 204.75 MW from Jindal Green Wind 1 Pvt Ltd, contributing to India’s low CO2 steel revolution.
Is Suzlon Energy a Good Investment?
Brokerage firm Investec has initiated coverage on Suzlon with a ‘buy’ recommendation and a target price of Rs 70.
This outlook is based on the company’s strong growth prospects and attractive valuation for long-term investment.
Technical analysts also suggest a positive outlook. The stock is currently trading above the R3 resistance level, which is considered a bullish signal.
According to analyst Patel, “If Suzlon sustains above Rs 54 for two to three sessions, it could confirm strength and potentially move towards Rs 58 levels.”
Overall, Suzlon Energy’s recent developments and positive market sentiment suggest potential for future growth, making it a stock worth watching closely.
