Suzlon Energy, a key player in India’s renewable energy sector, has been making headlines recently due to its fluctuating stock performance and significant market developments. As of October 18, 2024, the current share price of Suzlon Energy stands at approximately ₹73.71, reflecting a slight decrease of 0.41% from the previous trading session. This article provides an overview of the latest updates on Suzlon’s stock, including expected price targets, important levels, and the factors influencing its performance.
Main Points
- Current Price: ₹73.71
- Previous Close: ₹75.00
- Day Range: ₹72.00 – ₹75.00
- 52 Week Range: ₹30.00 – ₹86.00
- Market Capitalization: Approximately ₹99,624 Crore.
Several analysts have provided insights into Suzlon’s potential price movements:
- Target Price: Analysts suggest a target of around ₹80, with some firms like ICICI Securities recommending a buy position.
- Resistance Levels: Key resistance is noted at ₹80.01, while support is observed at ₹73.96.
Understanding the critical levels can help investors navigate the stock’s volatility:
- Pivot Point: ₹77.28
- Resistance Levels: R1 at ₹80.01, R2 at ₹83.33, R3 at ₹89.38.
- Support Levels: S1 at ₹73.96, S2 at ₹71.23, S3 at ₹65.18.
Reasons for Stock Movement
Several factors are contributing to the recent fluctuations in Suzlon’s share price:
- Market Sentiment: The overall market sentiment towards renewable energy stocks has been positive, particularly due to government initiatives promoting green energy.
- Financial Performance: Suzlon reported an annual revenue growth of approximately 10%, with a return on equity (ROE) of 16%. This financial health has attracted investor interest.
- Order Book Growth: The company has secured over 3 GW of orders, enhancing its position as a leading wind power provider in India3
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- Debt Management: With a debt-to-equity ratio of just 0.04%, Suzlon is viewed as having a healthy balance sheet, which reassures investors about its long-term viability.
Recent News Highlights
Recent news surrounding Suzlon Energy includes:
- Acquisition Moves: The company has made strategic acquisitions to enhance its operational capabilities, including completing a 51% acquisition of Renom for ₹400 crore.
- Analyst Ratings: The stock has received mixed ratings from analysts, with some recommending it as a strong buy while others suggest caution due to market volatility.
- Trading Volume Insights: The trading volume for Suzlon shares has been substantial, with over 32 million shares exchanged recently, indicating active investor participation.
From a technical perspective, Suzlon’s stock is currently trading below its 50-day moving average but remains significantly above its 200-day moving average by about 38%. A bullish signal was observed recently with the formation of a white spinning top candlestick pattern, suggesting potential upward momentum if it can break through resistance levels.
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
