Why Are Mutual Funds Betting Big On Suzlon Energy?

Suzlon Energy became a favorite among mutual funds in August, with their holdings in the renewable energy company surging by 357% MoM. They added over 50 crore shares to their portfolio, bringing the total to 64.71 crore shares. Suzlon Energy's stock has seen a remarkable 130% surge in 2023, making it a top performer on the Nifty 500 index. Analysts are taking notice, with JM Financial initiating coverage with a buy recommendation and a price target of Rs 30 by the end of 2024. The stock's sustained rise has coincided with increased mutual fund interest, signaling confidence in its future potential.