Suzlon Energy Share Price Hits Upper Circuit On Large Trade

Shares of Suzlon Energy Ltd. hit the upper circuit at 5% at Rs 56.73 per share on Thursday, snapping a five-session falling streak.

The advance came after 1.22 crore equity shares exchanged hands in three large trades on the National Stock Exchange.

The shares were exchanged at a price range of Rs 56.3 to Rs 56.66 each, according to data from Cogencis at 10:22 a.m.

The large trades come on the heels of the resignation of Ishwar Chand Mangal, chief executive officer of new business, effective Nov. 8. 

In an exchange filing on Friday, the company confirmed that Mangal, who had been with Suzlon for nearly 28 years and held various leadership roles, was stepping down to pursue new opportunities.

In his resignation letter, Mangal expressed gratitude for his long association with Suzlon and his journey from founding days to recent achievements. He added that he takes pride in the company's growth and hopes for Suzlon's continued success. 

Suzlon Energy Q2 Results: Key Highlights (Consolidated, YoY) 

• Revenue up 48.0% to Rs 2,103.38 crore versus Rs 1,421.43 crore.

• Net profit up 96% to Rs 200.60 crore versus Rs 102.29 crore.

• Ebitda is up 31% to Rs 294.18 crore versus Rs 225.04 crore.

• Margin at 14.0% versus 15.8%.

Suzlon Energy Share Price Today

Suzlon Energy share price rose as much as 5.42% to Rs 56.73 apiece. This compares to a 0.14% advance in the NSE Nifty 50 Index.

It has risen 48.51% on a year-to-date basis. Total traded volume so far in the day stood at 0.78 times its 30-day average. The relative strength index was at 30.36.

Out of five analysts tracking the company, two maintain a 'buy' rating and three recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 36.8%.

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