Suzlon Energy share price: The stock fell 1.57 percent to hit an intraday low of Rs 80.52. When last checked, it was trading 1.27 percent lower at Rs 80.76. At this price, the stock is down 6.42 percent from its recent 52-week high price of Rs 86.04, which was witnessed on September 12 earlier this month.
Shares of Suzlon Energy Limited continued to decline for the third consecutive session in Friday’s trade. The stock fell 1.57 per cent to hit an intraday low of Rs 80.52. When last checked, it was trading 1.27 per cent lower at Rs 80.76. At this price, the stock has fallen 6.42 per cent from its recent 52-week high price of Rs 86.04, which was witnessed earlier this month on September 12. Despite the mentioned decline, it has given multibagger returns to investors with a gain of 109.72 per cent so far in 2024.
Today’s fall in the stock price came after news broke that Morgan Stanley has downgraded Suzlon’s rating to ‘equalweight’ from the earlier ‘overweight’ rating.
“Suzlon has gained 120 percent in the last 6 months, and is outperforming the Nifty by 93 percent. This is driven by strong order book growth and healthy balance sheet/cash flows from operations. But we now see the risk-reward dynamics more balanced, and are waiting for stronger execution than our base case to turn more constructive,” it said.
Technically, the counter traded lower than the 5-day and 10-day simple moving averages (SMA) but higher than the 20-day, 30-, 50-, 100-, 150-day and 200-day SMAs. The scrip’s 14-day relative strength index (RSI) came in at 54.37. A level below 30 is defined as oversold while a value above 70 is considered overbought.
According to BSE, the price-to-equity (P/E) ratio of the company’s stock is 520.07, while the price-to-book (P/B) value is 30.87. Earnings per share (EPS) stood at 0.16, while the return on equity (ROE) stood at 5.95.
Jigar S Patel, Senior Manager – Technical Research Analyst, Anand Rathi said, “Support will be Rs 78 and resistance Rs 83. A decisive close above Rs 83 level could trigger further upside towards Rs 86. The expected trading range will be between Rs 76 and Rs 86 for the near term.”
“Suzlon Energy share price is in a bearish trend on the daily chart and is facing a strong resistance at Rs 86. A daily close below the support level of Rs 79 could lead to a target of Rs 68 in the near term,” said AR Ramachandran, a SEBI registered research analyst.
Around 22.40 lakh shares were traded on the BSE at the time of writing this story today. This figure was lower than the two-week average volume of 69.19 lakh shares. Turnover on the counter stood at Rs 18.25 crore, taking the market capitalisation (m-cap) to Rs 1,10,727.50 crore.
As of June 2024, the promoters held 13.27 percent stake in the company, slightly lower than 13.29 percent in the previous quarter.
