Multibagger Wind Energy Stock Hits Upper Circuit On Acquisition Update, Buy For TP Rs 73

Suzlon Energy shares today touched upper circuit it plans to acquire 76% stake in Renom Energy Services from the Sanjay Ghodawat Group for Rs 660 crore. According to the BSE filing, the acquisition will take place in two phases: the first tranche will involve buying a 51% stake for Rs 400 crore, followed by an additional 25% stake within 18 months for Rs 260 crore. Current market price of Suzlon Energy Ltd shares on BSE is Rs 72.72 per share with gain of 4.53%. The company's market capitalisation 99,176.89 crore. Suzlon Energy shares offered return of 82% in last 3-months and gained 291% in last 1-year. Several brokerage houses are upbeat on Suzlon Energy shares and recommended buy or overweight call. Check details below:

Suzlon Energy To Acquire Renom Energy: As per the August 6, 2024 BSE filing of the company, "Renom is the largest Multi Brand Operations and Maintenance service ("MBOMS") provider in the country with assets of 1,782 MW in Wind, 148 MW in Solar, and 572 MW in BOP under maintenance across customer segments. The first tranche involves the acquisition of a 51% stake for a consideration of INR 400 cr. In the second tranche, Suzlon will acquire an additional 25% stake within 18 months from the acquisition of the first tranche for a consideration of INR 260 cr."
Suzlon Energy Shares Get Buy Call: Brokerage house Morgan Stanley recommended overweight call for Suzlon Energy shares with target price of Rs 73.40 per share. Geojit Financials maintained buy call on Suzlon Energy Ltd share with target price of Rs 73. Another leading analyst Anand Rathi issued target price of Rs 68 for Suzlon Energy shares.

FII Stake: FII/FPI have increased holdings from 19.57% to 21.53% in June 2024 quarter. Number of FII/FPI investors increased from 574 to 652 in June 2024 quarter. Mutual Funds have increased holdings from 1.86% to 3.82% in June 2024 quarter. Number of MF schemes remains unchanged at 23 in June 2024 quarter. Institutional Investors have increased holdings from 25.88% to 30.69% in June 2024 quarter, according to Trendlyne.
Suzlon Energy Dividend History: Suzlon Energy Ltd. has declared 4 dividends since February 3, 2006.

Suzlon Energy Shares Performance: The 52-week high price of Suzlon Energy share on BSE is Rs 73.04 per share (as on 08/08/2024) and 52-week low price is Rs 18.84 per share (as on 09/08/2023). Suzlon Energy shares gained 89% year-to-date, soared 932% in last 2-year, and offered eye-catching returns of 1898% in last 5-years.
Suzlon Energy Results: Suzlon Energy declared its revenue from operations at Rs 2016 crore for the June 2024 quarter, up 50% as against Rs 1348 crore declared in the corresponding quarter of last year. EBITDA of Suzlon Energy for Q1 FY25 declared at Rs 370 crore, up 86% as compared to Rs 199 announced in Q1FY24. EBITDA margin for the quarter under review announced at 18.4% up from 14.8% in the year-ago period.

About: The Suzlon Group is one of the leading renewable energy solutions providers in the world with ~20.8 GW* of wind energy capacity installed across 17 countries. Headquartered at Suzlon One Earth in Pune, India; the Group comprises of Suzlon Energy Limited (NSE: SUZLON & BSE: 532667) and its subsidiaries. A vertically integrated organisation, with in-house research and development (R&D) centres in Germany, the Netherlands, Denmark and India, Suzlon's world-class manufacturing facilities are spread across multiple locations in India.

Disclaimer:

The stock has been picked from the brokerage report of Anand Rathi, Morgan Stanley, and Geojit Financial Services. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.