13 June 2023, Bengaluru, India
Suzlon Energy stock continued to rise for a second straight day. Today, the stock increased 9.92% to reach a new 52-week high of Rs 15.40. At Rs. 15.29, it ultimately finished 9.14% higher. The stock has increased by 85.56 percent over the last month.
Suzlon Energy’s Group CFO, Himanshu Mody, stated on an earnings call that there would be no tax outlay for FY24 (2023–24) because we would be using our carry-forward losses. Additionally, the financial sheet’s overall carry forward losses as of today surpass Rs 2,000 crore.
The reduction in interest costs from FY22 to FY23 (was) around 44%. It most likely won’t be to that level (this year), since we may be ramping up working capital facilities through non-fund-based limits for the execution of these orders, according to Mody.
Suzlon Group previously announced that it had exceeded the 20 GW milestone for wind energy installations by installing 12,467 wind turbines in 17 countries and across six continents. India now has 168.96 GW of total renewable energy capacity (as of February 28, 2023) with more than 82 GW in various phases of implementation and more than 41 GW in the tendering stage, according to the Ministry of New and Renewable Energy. 64.38GW of solar power, 51.79GW of hydropower, 42.02GW of wind power, and 10.77GW of biopower are all a part of this.
Due in large part to decreasing expenses, Suzlon Energy recorded a combined net profit of Rs 320 crore for the quarter ending in March 2023. In Q4 FY22, it reported a combined net loss of Rs 193 crore. In addition, Suzlon decreased its net debt from Rs 5,796 crore in the same quarter last year to Rs 1,180 crore in Q4 FY23, a reduction of 79.64 percent.
According to the technical configuration, the counter’s support was at Rs 13.50.
Suzlon is bullish but overbought on the daily charts with the next barrier at Rs 16.80, according to AR Ramachandran of Tips2trades. In the short term, a target of Rs 11.30 may be reached if the daily close is below the support level of Rs 13.50.
The stock has had a respectable climb in the last two to three weeks, developing pace with significant volume involvement, according to Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher. If the stop loss is set in Rs. 12.40, the bias may once more deteriorate and more decline may be anticipated. As of right now, as long as the price of Rs. 12.40 is maintained, the general trend is good.
Suzlon has experienced a significant uptick in the recent few trading weeks, according to Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One. The stock has experienced a solid breakout around the Rs 11-odd zone with the latest price movement. It is expected that the stock will continue to rise till it maintains above the breakout zone, with immediate resistance located around the Rs 16-odd zone in the same term.
In the meantime, increases in technology, commodities, state-owned lenders, and energy equities drove up Indian equity indexes today.
[Source: businesstoday.in]
