Shares of Suzlon Energy are seeing some profit booking after eight days of relentless rise, slipping down by 3 percent to Rs 67 per share mark.
At about 12:55 am, shares of the company were trading at Rs 67.8, down over 2 percent from the previous close on the NSE. In the past one month, shares of Suzlon Energy have rallied by a massive 30 percent.
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The sharp uptick comes after the wind energy player reported a solid 200 percent year-on-year surge in net profit, at Rs 302 crore for the June quarter. Revenue too rose 50 percent to Rs 2,016 crore, up from Rs 1,348 crore in the same period last year.
The wind turbine maker achieved its largest-ever order book of 3.8 GW in Q1FY25, which the management said provides strong visibility for future growth.
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After Suzlon's impressive Q1 performance, Morgan Stanley had reiterated its 'Overweight' rating on the stock, setting a target price of Rs 58.5 per share. The stock has since surpassed this target during a seven-day gaining streak.
The brokerage noted that Suzlon's earnings significantly exceeded expectations, with total deliveries reaching 274 MW, surpassing its estimate of 250 MW. Suzlon Energy has been a multi-bagger of a stock, delivering an impressive 277 percent return over the past year.
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