Suzlon Energy Ltd. is making significant headlines today, October 4, 2024, as its shares demonstrate considerable volatility in the stock market. The current share price is ₹74.65, reflecting a decline of 1.00% from the previous closing price of ₹83.79. This article presents an in-depth look at Suzlon Energy’s stock performance, market expectations, and potential price targets for today, helping investors navigate this fluctuating landscape.
Current Market Performance
As of today, the Suzlon Energy share price has declined notably, dropping from ₹83.79 during the last trading session to ₹74.65. Over the last week, the stock showcased a mixed performance, with an initial upward momentum that turned into today’s downturn. The company’s market capitalization is currently estimated at approximately ₹1,14,236 crore, indicating its substantial presence in the renewable energy sector.
| Current Price: | ₹74.65 |
| Previous Close: | ₹83.79 |
| Market Cap: | ₹1,14,236 crore |
| P/E Ratio: | 131.25 |
| EPS (TTM): | ₹0.63 |
| 52 Week High/Low: | ₹86.04 / ₹24.95 |
Suzlon Energy recently secured a significant contract from NTPC Green Energy, totaling 1,166 MW for wind energy projects. This deal not only ranks among India’s largest wind energy contracts but has also positively impacted share prices, spiking approximately 3% upon its announcement. The order is expected to enhance Suzlon’s revenue stream and solidify its competitive position within the renewable energy sector.
In addition to securing new contracts, Suzlon’s financial performance has shown a consistent upward trajectory. The company reported operating revenue of ₹7,199.70 crore on a trailing twelve-month basis, marking a commendable annual growth rate of around 10%. Furthermore, its return on equity (ROE) of 16.84% signifies effective management and strong profitability relative to its historical performance.
From a technical standpoint, Suzlon Energy shares are currently trading favorably above key moving averages. The stock is approximately 5% above its 50-day moving average and nearly 52% above its 200-day moving average, suggesting a potentially bullish trend in the short to medium-term outlook.
Recent Trading Activity:
- Volume: The average trading volume over the past week has hovered around 52 million shares.
- Delivery Volume: About 56% of shares traded were delivered, reflecting strong interest from investors seeking long-term positions.
Market analysts hold diverse views on Suzlon’s price targets for both today and the near future. Given the stock’s recent fluctuations and the positive developments regarding new contracts, some analysts suggest that if the share price can stabilize above ₹75, it may retest resistance levels around ₹80 to ₹82 in the subsequent trading sessions.
If the ongoing selling pressure persists due to today’s decline, it might trigger support levels near ₹72 to ₹74. Investors are advised to keep a close watch on these critical levels, as they could indicate potential entry or exit points in their trading strategies.
Despite the downturn in share price today, investor sentiment surrounding Suzlon Energy remains cautiously optimistic. The recently secured order from NTPC has sparked enthusiasm among stakeholders regarding future growth prospects in the renewable energy sector. Nevertheless, investors are also voicing concerns about prevailing market conditions and potential regulatory challenges that could affect share performance moving forward.
