Suzlon Energy Shares Surge 5%, Top Rs 51 Mark and Elevate Market Cap Near Rs 70000 Cr

Suzlon Energy's shares hit a 5% upper circuit at Rs 51.34, briefly surpassing Rs 50 before settling at Rs 48.90, pushing market cap near Rs 70,000 crore.
Suzlon Energy Shares Surge 5%, Top Rs 51 Mark and Elevate Market Cap Near Rs 70000 Cr

Suzlon Energy’s shares reached the upper circuit limit of 5% at Rs 51.34 on Thursday, pushing the market capitalization close to Rs 70,000 crore. The stock surged past Rs 50 early in the session but later relinquished some gains, settling at Rs 48.90 the previous day.

The company’s stock is approaching its 52-week high of Rs 52.19, set on June 4, 2024, representing a significant rise of over 285% from its 52-week low of Rs 13.28. So far in 2024, Suzlon Energy has gained nearly 35%, with an 18% increase in the past month alone.

Mutual funds have shown strong interest in Suzlon Energy, purchasing over 1 crore shares in May. The stock has delivered double-digit returns to investors, with mutual funds holding stakes worth Rs 2,172 crore as of May 2024.

Government policies promoting renewable energy have enhanced the appeal of companies like Suzlon Energy. The national goal to achieve 500 GW of renewable energy by 2030 has heightened market optimism, with potential investments of over Rs 20.8 lakh crore anticipated in the sector.

Recent developments include Suzlon Energy appointing Khaitan & Co to review its corporate governance after an independent director’s resignation. Furthermore, Girish Tanti, Vice Chairman, has been named Chair of Global Wind Energy Council India, bolstering the company’s leadership in the renewable sector.

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