Suzlon‘s share price surged up close to 10% on Monday to hit a new 52-week high of ₹16.80.
What Happened: The surge is primarily attributed to the company’s recent removal from the Additional Surveillance Measure (ASM) framework. The company’s shares plummeted when it was placed under the short-term ASM framework due to unusual and extreme volatility, earlier this month.
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The company’s shares have been performing well this year, with a close to 50% increase year-to-date. Analysts at ICICI Securities believe that the wind industry is set for a turnaround due to various favourable policy actions, which will greatly benefit Suzlon. The firm initiated its coverage for the stock with a ‘buy’ rating and a price target of ₹22.
Price Action: Suzlon’s share price was up 9.48% to trade at ₹16.75 shortly after the market opened on Monday.
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