Suzlon Energy shares hit upper circuit, reclaim Rs 60 mark; more upside ahead?

Suzlon Energy share price today: Shares of Suzlon Energy reclaimed the Rs 60 mark today, after four straight sessions. The multibagger stock also hit upper circuit of 5% for the third session, boosting hopes of recovery in the green energy scrip. In the current session, Suzlon Energy stock was stuck in the upper circuit of 5% on BSE. 

The renewable energy stock touched an intra day high of Rs 62.37  on BSE today. Market cap of the green energy firm rose to Rs 85,111 crore on BSE. Suzlon Energy stock has climbed 47.55% in a year and gained 670% in two years. The multibagger stock clocked the high turnover of Rs 113.06 crore as 182.30 lakh shares changed hands on BSE in today’s session. 

The stock rose to a 52 week high of Rs 86.04 on September 12 this year and fell to their 52-week low of Rs 33.83 on December 21, 2023. Suzlon Energy shares have a beta of 1.1, indicating high volatility in a year. 

Shares of Suzlon Energy are trading lower than their 10 day, 20 day, 30 day, 50 day, 100 day but higher than the 5 day, 150 day and 200 day moving averages. 

Analysts and brokerages have mixed views on the outlook of the renewable energy stock. 

Brokerage Geojit has maintained its buy rating on the stock with a price target of Rs 68. 

"With the ROE expected to expand to 25% by FY27E, we believe Suzlon’s story is only developing. Recent order wins indicate preference for the turbine manufacturer among state, PSU, and C&I clients, and recent acquisition of Renom Energy can enable tapping into over 32GW of non -Suzlon O&M opportunities. Recent correction places the stock at attractive valuations. We value at 45 times on September 2027 EPS of Rs 1.5, setting a target of Rs 68, and maintain our BUY rating," said the brokerage.

Vaishali Parekh, VP - Technical Research, PL Capital - Prabhudas Lilladher has a price target of Rs 70 to Rs 75 on the Suzlon stock. 

"Suzlon has overall maintained the uptrend in 2024 & given strong returns of more than 150% from Rs 34 to Rs 86.49 levels. After a decent correction from the 52-week high level of Rs 86.49, it has taken support near the 61.8% retracement level at Rs 53 and indicated a decent pullback above the 200 DMA level of Rs 56 with a strong positive candle formation on the daily chart to improve the bias to anticipate further rise in the coming days. The RSI has corrected well and is positioned at an attractive zone indicating a trend reversal to signal a buy with much upside potential visible from the current rate. We expect the stock to carry on with the upward move further ahead. We suggest buying the stock for an upside target of Rs 70-75, keeping the stop loss of Rs 50," said Parekh.

Mandar Bhojane, Equity Research Analyst at Choice Broking said, "The recent low around Rs 53.45 is acting as a support level, where some buyers are stepping in. If Suzlon falls below this support, it could continue its downtrend. But if the stock breaks above the resistance at the 20-day and 50-day EMAs, it might move toward Rs 66, which would be a stronger recovery sign. A stop loss could be placed at Rs 53 to limit downside risk, while the target is set at Rs 66 & Rs 70, aligning with the resistance level near the 20-day EMA."
 
Suzlon Energy is a provider of renewable energy solutions. The  company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.