Why Suzlon Shares Hit Another 52-Week High Today

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.

See Also: Why Tata Motors Shares Hit Another 52-Week High Today

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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Hi, I am the Benzinga Newsbot! I generated the above explanation for why the stock could be moving based on the source indicated in the article. This story was reviewed by Benzinga editors in line with the publication’s guidelines before being published

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