Suzlon Energy’s share price continued to witness selling pressure for the third consecutive session as it hit its 5 percent lower circuit of ₹37.32 in early trade on BSE on Wednesday, November 22. Suzlon Energy share price opened at ₹38.12 against the previous closing of ₹39.28 and soon fell 5 percent to ₹37.32. In three sessions, the stock lost about 12 percent.
After sharp gains in recent months, Suzlon Energy’s share price is now witnessing profit. Suzlon Energy’s share price hit its 52-week low of ₹6.96 on March 28 this year. In about eight months, the stock has increased almost six times or about 464 percent.
Suzlon Energy stock hit its 52-week high of ₹44 on November 17 this year.
Suzlon Energy’s share price gained nearly 28 percent in November this year following the news of its possible inclusion in AMFI’s mid-tier category during the January reshuffle. Another factor contributing to last week’s rally was the anticipation that Suzlon Energy will be added to the MSCI Global Standard Index in the next reshuffle on November 15. The renewable energy stock was officially incorporated into the index last week.
Also Read: Suzlon Energy share price hits 5% lower circuit; time to book profit? Here’s what experts say
In addition, Suzlon Energy posted a 45 percent year-on-year (YoY) jump in its net profits to ₹102 crore in Q2FY24. However, the company’s income declined marginally to ₹1,417 crore in Q2FY24 from ₹1,430 crore during the same period last year. Suzlon Energy’s numbers remained positive despite an exceptional loss of ₹35 crore during the quarter ending September 2023.
The earnings before interest, taxes, depreciation and amortization (EBITDA) experienced a significant 32.6 percent increase, reaching ₹225 crore as compared to ₹169.7 crore in the previous year. The EBITDA margin also witnessed a significant increase rising to 15.9 percent from 11.9 percent during the same quarter last fiscal.
Also Read: Suzlon Energy Q2 Results: Net profit jumps 45% YoY to ₹102 crore, revenue is down marginally
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Updated: 22 Nov 2023, 09:44 IST