Shares of Suzlon Energy Ltd. surged on Tuesday following a landmark US court ruling that declared US President Donald Trump's ban on federal wind energy projects illegal.
The wind turbine manufacturer saw its stock climb 1.91% to Rs 52.77. However, the share price pared gains to trade 0.62% higher, settling at a price of Rs 51.87 at 1:05 p.m.
Suzlon Energy stands to gain indirectly through improved US market sentiment, though it doesn't have direct US operations.
The US President’s directive, issued in January, hours after he returned to the White House for a second term, effectively halted federal approvals of wind farms on land and sea pending a federal review. The order had frozen dozens of clean energy projects, including massive installations planned off the Eastern seaboard. Developers warned of job impacts and billions of dollars in lost investments.
Trump’s campaign against renewables and offshore wind, in particular, has impacted industries boosted by former President Joe Biden. Whereas Biden pushed for green electric grids, Trump has been backing traditional fuels, including natural gas, coal and nuclear energy that are capable of providing round-the-clock power at a time of surging electric demand from data centres, reports Bloomberg.
Suzlon Share Price Today
The scrip rose as much as 0.63% to Rs 52.45 apiece. It pared gains to trade 0.64% higher at Rs 52.11 apiece, as of 11:00 a.m. This compares to a 0.37% advance in the NSE Nifty 50 Index.
Suzlon Energy Ltd has dropped 16.02% on a year-to-date basis, and 73.63% in the last 12 months on average. The relative strength index was at 44.99.
Currently, all nine analysts tracking the company suggest buy, according to Bloomberg data. The average 12-month consensus price target of Rs 52.17 implies a downside of 41.2%.
RECOMMENDED FOR YOU
Suzlon To Set Up 3 AI-Powered Wind Blade Factories: Co-Founder Girish Tanti
H-1B Cost Rise: How It Affects Indian IT Firms? Nasscom President Weighs In
Suzlon Energy Shares Gain After Q2 Profit Jumps Over Sixfold
Suzlon Energy Q2 Results: Date, Earnings Call Details, Share Price History And More
POPULAR