Shares of Suzlon Energy Ltd were trading lower in Wednesday's trade. The stock fell 2.97 per cent to hit a day low of Rs 59.08. At this price, it has declined 31.33 per cent compared to its 52-week value of Rs 86.04, seen on September 12 last year.
Recently, the renewable energy solution provider received tax relief on a couple of penalties totalling Rs 260.35 crore from the Income Tax Appellate Tribunal (ITAT). In addition, CRISIL Ratings upgraded its credit rating on Suzlon to 'CRISIL A' with a positive outlook, underscoring the company's robust performance and improved profitability.
Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said investors with a high-risk appetite can buy Suzlon shares. As the renewable energy sector is in an uptrend, one can consider adding this stock on dips," the market expert also said.
On technical setup, support on the counter could be seen in the Rs 58-54 range. A decisive breach above the Rs 65-70 zone is required for a positive trend reversal. An analyst advised against buying Suzlon at current levels.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Suzlon resumed its downward journey post a phase of consolidation near Rs 66-70 subzone. The recent swing low of Rs 56-54 is likely to provide some cushion and needs to be tracked closely, as any further correction could disrupt the short-term view. On the higher end, the aforementioned zone of Rs 65-70 is likely to act as a sturdy hurdle and a decisive breakthrough would be required for trend reversal in the counter.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "Support will be Rs 58 and resistance at Rs 62. A decisive move above Rs 62 level may trigger a further upside above 65. The expected trading range will be between Rs 57 and Rs 65 for the short term."
Sebi-registered research analyst AR Ramachandran suggested that the counter looked slightly bearish on daily charts with resistance at Rs 65.16.
Kushal Gandhi, Technical Analyst at StoxBox, said, "After experiencing a multibagger rally, the stock is under pressure due to profit booking. We advise against purchasing Suzlon shares at this time."
According to BSE data, the company's stock has a price-to-equity (P/E) ratio of 269.50 against a price-to-book (P/B) value of 20.88. Earnings per share (EPS) stood at 0.22 with a return on equity (RoE) of 7.81. Promoters held a 13.25 per cent stake in the company as of September 2024, which is slightly lower from 13.27 per cent in the previous quarter.