Suzlon‘s share price continued to make gains for the ninth straight session on Thursday going up over 2% to hit an over 14-year high of ₹70.99.

What Happened: Shares of the wind energy major have been on a strong rally buoyed by its impressive earnings performance during the April-June quarter. In just the last five sessions, the stock has gone up over 13%. In July, Suzlon’s share price went up by over 30%. The surge has propelled the company’s market capitalisation to around ₹96,000 crore.

The company reported a 200% year-on-year surge in net profit to ₹302.29 crore. Revenue for the quarter also climbed 49% YoY to ₹2,015 crore. The company’s EBITDA for the period stood at ₹370 crore.

However, analysts have turned cautious on the stock despite the strong results. Both ICICI Securities and Nuvama downgraded their rating for the stock. Technical analysts, on the other hand, remain bullish on the stock and see the scrip testing ₹80-₹90 levels in the near term.

Price Action: Suzlon’s share price was up 1.87% to trade at ₹70.68 in early trade on Thursday.

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