Wed. Sep 27th, 2023
    Suzlon Energy Surges Over 130% in 2023, Attracts Analyst Attention

    Shares of Suzlon Energy, a wind turbine manufacturer, have experienced a remarkable surge of over 130 percent so far in 2023, positioning the company among the top performers on the Nifty 500 index during this period. This outstanding rally has caught the attention of multiple analysts on the Street.

    JM Financial, for instance, recently initiated coverage on Suzlon Energy with a buy recommendation and set a price target of Rs 30 for the stock by the end of 2024. ICICI Prudential Mutual Fund and HDFC Mutual Fund have also listed Suzlon Energy among their “fresh buys,” along with other stocks like Minda Corp and SJS Enterprises.

    Adding to this positive sentiment, UTI Mutual Fund has increased its stake in Suzlon Energy. Although the specifics of the stake or shares acquired have not been disclosed, the September quarter shareholding pattern may reflect this increase if the stake exceeds 1 percent.

    As of the June quarter shareholding pattern, a total of 17 mutual funds collectively own a 4.98 percent stake in Suzlon Energy. However, the names of these mutual funds have not been specified as their stake would be less than a percent. Notably, Bandhan Core Equity Fund is the only listed Mutual Fund in this shareholding list, with a 1.32 percent stake in Suzlon Energy.

    Other key shareholders in the company include IDBI Bank with a 1.34 percent stake, Bank of Baroda with a 1.11 percent stake, and LIC, India’s largest insurer, with a 1.03 percent stake. Additionally, BNP Paribas Arbitrage holds a 1.03 percent stake in Suzlon Energy as of June.

    Although Suzlon Energy’s shares have gained nearly 30 percent since the beginning of August, it is important to note that the stock remains a significant wealth destroyer, as it had an initial public offering (IPO) at Rs 510 back in 2006.

    As of now, Suzlon Energy shares are trading 2.6 percent higher at Rs 24.8.

    Source: Not specified