Suzlon Energy jumps after board to decide rights issue terms on 25 Sept

22 Sep 2022 , 12:11 PM

The board in its meeting held on 10 August 2022, had approved issuing of the equity shares by way of a rights issue to the eligible equity shareholders of the company. The counter witnessed bargain hunting after declining 13.21% in the past seven trading session On the BSE, 268.73 lakh shares were traded in the counter so far compared with average daily volumes of 223.96 lakh shares in the past two weeks. The stock hit a high of Rs 9.62 and a low of Rs 8.48 so far during the day. The stock had outperformed the market over the past one month, rising 6.64% compared with 0.24% rise in the Sensex. The scrip outperformed the market in past one quarter, gaining 28.11% as against Sensexs 13.69% rise. The scrip had also outperformed the market in past one year, climbing 42.46% as against Sensexs 0.02% rise. On the technical front, the stocks daily RSI (relative strength index) stood at 65.465. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. The Suzlon Group is one of the leading renewable energy solutions providers in the world with presence in 17 countries. The company reported consolidated net profit of Rs 2,433.33 crore as against a net loss of Rs 22.44 crore in Q1 FY23 over Q1 FY22. Net sales rose 21.4% YoY to Rs 1,377.58 crore in Q1 FY23. Powered by Capital Market – Live News