Suzlon Share Price Surges to 52-Week High as Promoter Releases Pledge

Suzlon Share Price Surges to 52-Week High as Promoter Releases Pledge

VoM News Desk | October 4, 2023 | 04:08 PM IST | Breaking News | Follow on Google News

Suzlon Share Price Surges to 52-Week High as Promoter Releases Pledge

Suzlon Share Price Surges to 52-Week High as Promoter Releases Pledge

Suzlon Energy’s share price experienced a substantial increase of nearly 5%, reaching a 52-week high during Wednesday’s trading session. This surge in the stock price was driven by news that the promoter of Suzlon Energy had released a pledge on 97.10 crore shares, which amounts to 7.13% of the company’s equity. This pledge release occurred on September 28, as reported by CNBC-TV18.

Strong Performance and Technical Analysis

The trading day commenced with Suzlon’s share price opening at ₹27.30 per share on the BSE. The stock’s intraday high reached ₹28.39, with a low of ₹27.11. Suzlon Energy’s share price has maintained its positive momentum for the second consecutive session, recording a gain of over 3.3%. During Wednesday’s morning trade, the stock even hit the 5% upper circuit limit.

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Promoter’s Pledge Release Details

The pledge release involved the promoters of Suzlon relinquishing their claim on 97.1 crore shares, which were held by SBICAP Trustee Company Ltd. This move accounted for 7.1% of the company’s equity. The pledge release was officially recorded on September 28, as per the exchange filing as per sources.

Robust Performance and Analyst Insights

According to trendlyne data, Suzlon Energy’s stock price exhibited an impressive 253% increase over the past year, surpassing its sector’s performance by 188.91%. Rajesh Bhosale, an Equity Technical and Derivative Analyst at Angel One, noted that Suzlon’s stock price has been on a remarkable rally in the current financial year, albeit with a period of consolidation over the past month or more. Bhosale suggested that the stock’s prices could continue their upward trajectory, potentially encountering resistance around ₹31, with immediate support in the ₹26-26.5 range.

Financial Snapshot

Despite its recent surge in stock price, Suzlon Energy reported a significant 96% decline in consolidated net profit to ₹101 crore for the quarter ending in June. This compared to ₹2,433.33 crore in the same period the previous year. The company’s revenue from operations during the first quarter of the current fiscal year was ₹1,347.52 crore, representing a 2% decrease from ₹1,377.58 crore in the corresponding year-ago period.

VoM News Desk

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