Early morning trading activity
Tuesday was marked by block deals in Suzlon Energy, where 92 lakh shares were affected by selling. These transactions accounted for 0.08% of the total shares of the company and were worth ₹50 crores’ in the mentioned period.
The above block deals were effected at shares of ₹55 each. Although the buyers and sellers were not named, this activity put a little pressure on the stock market price of Suzlon, which fell just from its trading peak.
Recent block deals
Suzlon Energy has seen big block deals before as well; thus, the news is not something new. Thus, as many as 37 crore shares were traded, and the value of the shares exchanged was ₹180 crore in June. Lately, the promoters owned a position of 13.29% of the total stock, possibly by the March quarter. However, the shareholding position for the June quarter as of today is yet to be brought into the records.
New Agreement with CESC Subsidiary
Suzlon Energy signed an important deal with Purvah Green Power Company, a directly owned subsidiary of CESC, on July 15. This contract deals with EPC, which is engineering, procurement, and construction, as well as operations and maintenance of wind turbines. The project to be finished in 2–4 years is expected to further presuppose Suzlon’s development and cooperation deals.
Future Outlook
Currently in its third quarter, global brokerage firm Morgan Stanley has provided a positive recommendation on Suzlon Energy. They think the company has much to gain from India’s energy evolution.
Suzlon has been reducing its debt and operating costs and has all the while set itself as a strong contender in the market. According to Morgan Stanley’s capacity, Suzlon could clinch orders to the tune of about 31 billion dollars in the next five years.
The company’s equity has also been on the rise, with its stock rising by 10% over the last month. It has grown to triple its value in 2023 and is also up by more than 44% in the first half of 2024 alone. Shaking a little in February and March, the stock, however, maintained its upward trend in the last four months, which continued January’s growth, which made the stock grow by 21%.
