Shares of renewable energy companies Suzlon Energy and Inox Wind are trading near their 52-week highs. Interestingly, both multibagger stocks hit their fresh highs on the same day (August 13) this year. While Suzlon Energy reached a high of Rs 84.40, shares of Inox Wind hit a high of Rs 237.
However, in terms of buying interest, both stocks are on different grounds. While Suzlon Energy shares have a RSI of 60.8, indicating they are neither overbought nor oversold on charts, Inox Wind shares are overbought on charts with a RSI of 72.2. RSI data indicates Inox Wind shares have strong buying interest compared to shares of Suzlon Energy.
In the previous session, Suzlon Energy shares fell 3.01% to Rs 76.47 against the previous close of Rs 78.84 on BSE. Market cap of the firm was lower at Rs 1.04 lakh crore. However, Suzlon Energy shares have risen 252% from the 52-week low of Rs 21.51 on August 25, 2023.
On the other hand, Inox Wind shares closed 3.18% higher at Rs 225.55 against the previous close of Rs 218.60 on BSE. Market cap of the firm was higher at Rs 29,407 crore. Inox Wind shares have risen 379% from the 52-week low of Rs 47.06 on September 25, 2023.
Here's a look at what analysts said on the outlook of these two multibagger stocks and which one is a better investing option.
Divyam Mour, Research Analyst, Samco Securities finds Suzlon Energy a better pick. "Suzlon Energy has consistently delivered solid financial results and Inox Wind has shown encouraging progress in recent quarters. For long-term investors, Suzlon Energy appears to offer greater stability and confidence. In the short term, Suzlon Energy is projected to reach a price level of Rs 90, and if sustained at that level, it has the potential to rise to Rs 100. On the other hand, Inox Wind, currently experiencing some overvaluation, presents a buying opportunity at around Rs 210, with an expected movement towards Rs 260," said Mour.
Mandar Bhojane, Research Analyst at Choice Broking said,"If you're risk-averse and prefer a company with a healthier balance sheet and growth potential in the domestic market, INOXWIND might be the better choice. However, if you're looking for a high-risk, high-reward opportunity and believe in Suzlon recovery and growth potential, Suzlon Energy could be appealing."
Kushal Gandhi, Technical Analyst, StoxBox prefers Inox Wind over Suzlon Energy. "The stock of Inox Wind is demonstrating stronger relative strength and increasing demand from buyers, accompanied by an improving EPS performance. Recent price action has seen a bullish breakout from a rounding bottom pattern, followed by the formation of a flag pattern, indicating a continuation of the primary trend. In contrast, Suzlon Energy is currently trading at a high valuation and is over 46% away from its mean on the weekly chart, suggesting a heightened likelihood of profit booking. Consequently, we recommend buying Inox Wind with a target price of Rs 260 and maintaining a stop loss at Rs 204," said Gandhi.