Suzlon’s share price surged up close to 5% on Monday to hit another 52-week of 23.50.
What Happened: The energy company continued its bull run on Monday gaining strength from the order win it announced last week and the ‘buy’ call assigned by JM Financial.
The domestic brokerage firm in its note on the stock set the price target of ₹30. The price indicates an around 33% upside from the stock’s last closing price of ₹22.40.
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The brokerage expects Suzlon to surpass annual installation levels of 2.5-3GW in the foreseeable and medium-term future, benefiting extensively from industry tailwinds. The analysts also highlighted that with a reduction in debt, decreased interest expenses, and an enhanced financial risk outlook, Suzlon’s overall performance is primed for further improvement.
The company just last week annouced bagging an order to install 15 wind turbine generators with hybrid lattice tubular towers in Maharashtra and Karnataka.
Price Action: Suzlon’s share price was locked in 5% upper circuit at ₹23.50 in early trade on Monday.
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