Suzlon Share Price Target 2024: Analysts Bullish After Company Bags Fresh Order in Gujarat

suzlon share price target 2024: analysts bullish after company bags fresh order in gujarat

Suzlon share price settled in green after hitting an intraday high of Rs 45.35 per share on the National Stock Exchange (NSE), zooming 4.98 per cent Rs 43.20 apiece in Thursday’s trading session. The counter outperformed the sector by 1.29 per cent. The scrip touched an intraday low of Rs 41.05 apiece on the NSE. The stock has been gaining in a wide range of Rs 4.3.

The sharp uptick in the stock price movement was witnessed after the renewable energy solutions provider bagged an order for a 30 MW wind power energy project from EDF Renewables. As part of the order, Suzlon will install 10 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each in Gujarat, a company statement said. Suzlon will execute the project with a scope of supply, supervision, commissioning, post-commissioning and maintenance services, the statement said. Electricity generated from the project will be supplied to Gujarat Urja Vikas Nigam Ltd (GUVNL). The project is expected to provide electricity to over 24 thousand households and curb over 97 thousand tonnes of CO2 emissions every year.

Suzlon Share Price Target 2024

KKunal V Parar Vice-President of Technical Research and Algo at Choice Broking, explained “On the daily chart, the stock is trading close to its Lower Band of a Broadening Rising Wedge formation, indicating potential support at current levels. Additionally, it remains above its 100-day Moving Average, reflecting a favorable trend.”

Furthermore, the monthly chart shows a breakout above the previous peak of 36.75, suggesting a bullish momentum in the stock. The daily Relative Strength Index (RSI) is hovering around the significant support level of 40, coinciding with its previous bottom, implying a potential reversal in the stock’s movement.

“Considering the technical analysis outlined above, we anticipate a robust rebound in the stock, targeting levels of 48-51-57, with downside support noted at 38.00,” added KKunal.

Suzlon Share Price News Today NSE BSE

The stock price is moving higher than 5 day, 100 day and 200 day moving averages but lower than 20 day moving averages. The renewable energy has gained by 3.22 per cent. A total of 32.77 lakh shares changed hands today of Suzlon Energy which is a constituent of S&P BSE 500 index generating a total turnover of Rs 13.96 crore. The large cap company has a market cap of Rs 61,370.16, as per BSE website. The shares of the company have a PE of -1522.95x. In volume terms, over 11 crore shares of the company were traded on the NSE during the day.

Suzlon Share Price History

The counter has climbed a whopping 450.92 per cent in the last 365 days, delivering multibagger returns. In the last three years, the scrip multiplied investors wealth by 746.53 per cent, making investors richer with massive gains.

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