Shares of this multibagger green energy stock jumped 4 percent after release of Promoter’s pledged equity shares. In the last five trading sessions, the company’s stock has gained more than 8 percent.
With a market capitalization of Rs 38,019.73 crores, the stocks of Suzlon Energy Limited opened their trading hour on Wednesday at Rs 27.30 and currently trade at Rs 28.01 indicating a gain of 4 percent compared to the previous close of Rs 27.05 apiece.
Such bullish sentiments around the company’s stock were witnessed after a BSE filing published by the company with regard to the release of pledged shares by the Promoters of the company.
The company’s Promoters, on September 28th, 2023, released a pledge of approximately 97.10 crore shares from ‘SBICAP Trustee Company Limited’, a Non-Government Company incorporated in 2005. The released shares account for 7.13 percent of the total equity of Suzlon Energy Limited.
Keeping a purview of just six months, the company’s stock has delivered multibagger returns of 243 percent, i.e., if someone had invested Rs 1 lakh into the company’s stock six months back, it would have converted to Rs 3.43 lakhs.
During the recent financial years, the company has seen opposing movements as far as the operating revenues and net profits are concerned.
The operating revenues, on one hand, dipped from Rs 6,581.78 crores during FY21-22 to Rs 5,970.53 crores during FY22-23, and, the net profits, on the other hand, due to efficient cost management and increasing orders, transitioned from a loss of Rs 166.19 crores to profits of Rs 2,887.29 crores keeping the timeframe the same.
The latest shareholding data of the company, as per the quarter ended June 2023, portrays the Promoters holding a 14.5 percent stake and the Foreign Institutional Investors (FIIs) holding a 6.81 percent stake in the company.
Suzlon Energy Limited is associated with the ‘renewable energy’ sector offering products comprising wind turbine generators and other related components.
Moreover, the company also provides services aiding the operation of wind turbine generators. It generates a majority of its revenue from India, Canada, Europe, and the American regions.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
