Suzlon Energy shares climbed to their highest level for the second time in less than a hour on Monday. The share jumped 9.92 per cent to reach its 52-week high of Rs 15.40. It eventually settled at Rs.15.29 at Rs.9.14 per cent higher. The scrip has gained 85.56 per cent in the past month.
For FY24 2023 - 24, I can confirm that at the consolidated level, there will be no tax outgo because we would be utilising our carry forward losses, said Himanshu Mody, Group CFO of Suzlon Energy. The total carry forward losses - - on the balance sheet as of today is Rs 2,000 crore. The interest cost reductions were about 44 percent between FY22 and FY23. It definitely won't be to that extent this year because there may be working capital facilities, which are by way of non-financial limits, which we will be ramping up for the execution of these orders, Mody said.
Bourses BSE and NSE have put Suzlon Energy's shares under the short-term ASM Additional Surveillance Measure framework. The criteria for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-to-earning P E ratio. To warn investors about high volatility in share prices, exchanges set stocks in short-term or long-term ASM frameworks.
Suzlon Group announced that it has reached the 20 GW wind energy installation milestone through 12,467 wind turbines installed across 17 countries spanning six continents. As of February 28, 2023, India has a total renewable energy capacity of 168.96 GW, with about 82 GW at various stages of implementation and about 41 GW under tendering stage. This includes 64.38 GW solar power, 51.79 GW hydropower, 42.02 GW wind power and 10.77 GW biopower.
Suzlon Energy reported a consolidated net profit of Rs 320 crore for the quarter of March 2023, driven by lower expenses. It recorded a consolidated net loss of 193 crore in Q4, FY22. Suzlon's net debt was also reduced by 79.64 per cent to Rs 1,180 crore in Q4 FY23 compared to Rs 5,796 crore in the corresponding period last year.
On technical setup, support can be seen at Rs. 13.50 on the counter.
Suzlon is bullish but also overbought with the next resistance at Rs 16.80 on the daily charts. A daily close below support of Rs 13.50 may lead to a target of Rs11.30 in the near future. The stock has witnessed a decent rise in the past 2 - 3 weeks gathering momentum with huge volume participation, said Vaishali Parekh, vice president of technical research at Prabhudas Lilladher. One can maintain the stop loss near Rs 1240 levels, below which again the bias can weaken and further slide could be expected. As long as Rs.12.40 levels are maintained, the overall trend continues to be positive. Suzlon's trading has seen a strong spurt in the last couple of trading weeks, said Osho Krishan, senior analyst - Technical Derivative Research at Angel One. The stock's recent price movement has resulted in a strong break around the 11 - odd zone. until the stock maintains above the breakout zone, it is highly anticipated to continue its upsurge with immediate resistance placed around the Rs 16-odd zone in the comparable period. Indian equity benchmarks were also upbeat today, driven by gains in technology, metals, state-owned lenders and energy stocks.
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