Suzlon Energy stock price up by more than 3% today

20 Jun 2024 , 01:26 PM

Suzlon Energy Ltd., a wind turbine maker, had a 5% increase in share price, reaching above ₹50 per share after a block deal.

According to data accessible on the exchanges, up to 3.7 Crore shares of Suzlon Energy changed hands in a block sale on Thursday. The number of shares exchanged represents 0.3% of the company’s total equity.

Suzlon’s block deal was valued at ₹179 Crore. Buyers and sellers in the transaction are not publicly disclosed.

Suzlon shares have increased for the third month in a row. The stock is up 6.5% in June, after rising 15% in May and 3% in April. The stock soared by 20% in January before correcting in February and March.

The stock has zoomed 33% so far in 2024. If Suzlon achieves this before the end of the year, it will have five consecutive years of positive returns. Since 2020, the stock has achieved positive annual returns.

During the March quarter earnings call, Suzlon’s management was asked if the business would consider paying dividends to shareholders now that it has a net cash balance. In response, CFO Himanshu Mody stated that the company has a business plan that is scheduled to be completed in fiscal year 2025, after which such a suggestion may be considered.

I know all stockholders enjoy dividends. So, I can’t answer that question right now. I believe, as you have seen, we have taken some measures, such as integrating our 100% subsidiary with the parent SGSL (Suzlon Global Services Ltd) and SEL (Suzlon Energy). As a result, as previously stated, we have a business plan in place to meet our goals in fiscal year 25. So, I believe this is best discussed around May 2025, the CFO responded.

At around 1.21 PM, Suzlon Energy was trading 2.23% higher at ₹49.99, against the previous close of ₹48.90 on NSE. The counter touched an intraday high and low of ₹51.34, and ₹49.55, respectively.

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