Suzlon Energy‘s share price has really picked up a serious pace in the past few months. Just in the past 5 sessions, the stock has gone up over 11%, making gains for four straight sessions.
The Investment: With the stock priced at ₹10.7 on January 2, 2023, your ₹10,000 would have bought you approximately 934 shares. With today’s stock price standing at ₹21.85, your investment would now be valued at approximately ₹20,421.
Background: Suzlon Energy shares hit the upper circuit for the second consecutive session on Wednesday, as 8.5 crore shares (equivalent to 1% of the company’s equity shares) worth ₹185.4 crore exchanged hands at an average price of ₹21.80 per share.
Earlier this month, the company’s Securities Issue Committee’s approved the qualified institutions’ placement of Equity Shares amounting to up to ₹1,500 crores. They also provided an option to retain an oversubscription of up to ₹500 crores. The floor price for this issue was set at ₹18.44 per share, as approved by the shareholders.
Price Action: Suzlon’s share price was up 4.80% to be locked in at the upper circuit at ₹21.85 on Wednesday afternoon.
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