Suzlon share price rose 9 percent intraday, its biggest single-day jump in nearly 20 months. The stock has been rising for the last five trading sessions and is up nearly 12 percent.
Shares of Suzlon Energy Ltd rose 9.29 percent to hit an intraday high of Rs 56.94 per share on the NSE. The stock has been gaining for the last five trading sessions and is up nearly 12 percent in the period.
The scrip, however, later pared some of its gains to trade at Rs 54.76 apiece, up 5.11 percent.
A total of 1.34 crore shares changed hands today of Suzlon Energy which is a constituent of BSE 100 index generating a total turnover of Rs 73.57 crore. The large cap company has a market cap of Rs 74,765.86, as per BSE website. The shares of the company have a PE of 156.63 x. In volume terms, nearly 9 crore shares of the company were traded on the NSE during the day.
The brokerage firm Investec initiated coverage with a 'buy' call suggesting positive levers for growth. The domestic brokerage has assigned a price target of Rs 70, implying an upside potential of 27.5 percent from the last close of Rs 54.88 on the National Stock Exchange.
Investec analysts suggest that the company is in a strong position to benefit from the revival in the wind energy sector. The firm has transformed into a net-cash entity with robust return ratios and a growing order book of 5.5 GW. A well-optimized supply chain and a strong pipeline of bids further bolster its outlook.
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