Suzlon Energy shares up 10% from intraday low; check revised target price & other details

Shares of Suzlon Energy Ltd on Thursday recovered sharply from their early low levels. During initial deals, the stock slipped 4.94 per cent to hit an intraday low of Rs 41. It eventually moved 4.61 per cent higher to settle at Rs 45.12. At this price, the scrip has rebounded 10.05 per cent from its intraday low price.

Today's upward move in the share price came after the renewable energy solutions provider secured an order to develop a 30 MW wind power project for EDF Renewables in Gujarat.

"Suzlon Group announced a new order win for the development of a 30 MW wind power project for EDF Renewables. It will install 10 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each," the company stated.

"This is a repeat order for the company's largest turbine series, S144‐140m with a rating of 3 MW. Suzlon will execute the project with a scope of supply, supervision, erection and commissioning. Additionally, Suzlon will also undertake post‐commissioning operations and maintenance services," it further mentioned.

On technical setup, support on the counter could be seen at the Rs 42-41 zone. And, immediate resistance may be seen around Rs 46 and a decisive close above the said level is required for further up move.

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 41 and resistance around Rs 46. A decisive close above Rs 46 level may trigger a further upside till Rs 50. Expected trading range will be between Rs 38 and Rs 53 for a month."

AR Ramachandran from Tips2trades said the stock looked bullish on daily charts with strong support at Rs 41. A daily close above resistance of Rs 46 could lead to target of Rs 51 in the near term, Ramachandran stated.

DRS Finvest founder Ravi Singh suggested traders to wait for some correction and avoid taking a fresh entry at current levels. Support on the counter will be at Rs 42 while resistance at Rs 47, he added.

Bourses BSE and NSE have put the securities of Suzlon under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

As of December 2023, promoters held a 13.29 per cent stake in the company.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)