Suzlon Shares Soar 5% to Hit Fresh 52-Week High

Shares of Suzlon surged 5% intraday to hit a 52-week high on Thursday. The stock shed the early gains later in the session.

What Happened: Suzlon's shares have steadily gained for the last couple of sessions. The stock had hit a 5% upper circuit in the previous 2 sessions.

The company recently won a 1,166-megawatt order from NTPC, making it one of the largest single wind energy orders in the country. The company will establish 370 wind turbine generators at three projects in Gujarat. 

The order made global brokerage Morgan Stanley reiterate its "overweight" call on Suzlon with a target price of ₹73 which the stock has already surpassed. The brokerage said the order win is projected to boost the company's earnings visibility for F26-27.

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Suzlon also acquired a 51% stake in Renom Energy to enhance its position in the renewable energy sector.

Domestic brokerage firm ICICI Securities also maintained their bullish call on Suzlon as they kept their "add" rating on the stock and raised the target price to ₹80. 

Price Action: Shares of Suzlon were down from the heights on Thursday as it was up 0.54% at ₹82.39 after hitting 52 52-week high of ₹86.04 earlier in the session. 

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