24 June 2024 Punjab Khabarnama : Shares of Suzlon Energy jumped 5 percent on July 24 to hit a 52-week high of Rs 55.70 on the National Stock Exchange (NSE), extending gains to the third straight session.
The stock has seen great interest from investors ever since several brokerages issued bullish calls on the counter, citing impressive debt reduction, efficient working capital management and a positive outlook.
At 12:49 pm, Suzlon Energy shares was trading 3.4 percent higher at Rs 54.83 on NSE. The stock has delivered stellar returns in the last 1 year, rallying 291 percent, nearly quadrupling investors’ money.
Technically, Suzlon Energy stock is hovering in the cycle of higher highs – and higher lows on the daily chart and has registered a fresh 52-week high.
An independent director on the board of Suzlon Energy – Marc Desaedeleer – tendered his resignation from the board on Saturday, June 8, the company informed stock exchange through a regulatory filing.
In the resignation letter, Desaedeleer – who joined Suzlon’s board in 2016 – expressed satisfaction with the company’s operational and financial performance over the past eighteen months, but raised concerns over compliance and transparency. “… several situations occurred where the corporate governance standards applied by the company did not meet my expectations, including situations where communications lacked the level of openness and transparency I would have liked to see,” Desaedeleer wrote in his resignation letter.
The concerns were discussed with chairman Vinod Tanti and shared with the board as well, Desaedeleer added, “with the hope that this information can be used in a constructive mannner.”
Morgan Stanley recently issued an ‘Overweight’ on Suzlon, calling it a key beneficiary of India’s energy transition, well positioned to benefit from the move to greener, cleaner energy.
Over the next five years, Suzlon could see wind orders of around 32 GW or $31 billion. Earnings are likely to grow at a 57 percent CAGR from FY24 to FY27, said the note.