On the charts, Suzlon’s shares just entered “overbought” territory in today’s session with Relative Strength Index (RSI) at 71. An RSI reading above 70 means that the stock is in “overbought” territory.

Shares of Suzlon Energy Ltd. surged over 4% on Friday to hit an intraday high of ₹56.49. This is the highest level that the stock has seen since June 2010.

The stock has gained for five days in a row. With today’s surge, the stock is up nearly 6.5% this week. The stock was flat last week and had gained 7.5% in the week before that.

On the charts, Suzlon’s shares just entered “overbought” territory in today’s session with Relative Strength Index (RSI) at 71. An RSI reading above 70 means that the stock is in “overbought” territory.

Suzlon was also in the news recently when the management was quizzed about a potential dividend for shareholders during its recent earnings call.

“I know all shareholders, love dividend. So, I mean, I cannot answer that question right now. I think let us, you’ve seen, we’ve taken certain initiatives of, merging our 100 per cent subsidiary with the parent SGSL (Suzlon Global Services Ltd) with SEL (Suzlon Energy). So, therefore, as we said earlier, there is a business plan that we have set out ourselves to achieve in FY’25. So, I think, this is probably a best discussion held around May of 2025,” Group CFO Himanshu Mody had said.

Suzlon Energy had last won a major order from AMPIN Energy Transition for 103.95 MW on June 11. It had previously won three orders in the last week of May from Juniper Green, Aditya Birla Group and Oyester Green Hybrid.

All five analysts who have coverage on Suzlon have a “buy” recommendation on the stock. The stock is now trading close to its highest price target of ₹60, which has been ascribed by ICICI Securities and Morgan Stanley’s target of ₹58.5.

Shares of Suzlon Energy are trading 4.4% higher at ₹56.4. The stock has risen 47% so far in 2024.

Disclaimer : The correspondent has minimal stocks of Suzlon in his portfolio.