Shares of Suzlon Energy Ltd. extended their rally on Wednesday for the eighth day.
The company's net profit beat estimates to rise three times to Rs 302 crore, in the first quarter of fiscal 2025. This compared to Rs 101 crore in the same period last year.
Its revenue was also up 50% to Rs 2,022 crore during the April-June quarter.
"This is a good indication of our readiness to meet industry demand and leverage the tailwinds of the sector," the company said in its release. Its largest‐ever order book of 3.8 gigawatts gives it great visibility for the future, the company said.
All its businesses showed improvement in operational performance with tight control on costs, resulting in well-rounded and solid results, Suzlon said.
Source: NDTV Profit
Shares of the company rose as much as 3.91%, the highest level since March 9, 2010. They pared gains to trade 2% higher at Rs 69.5 apiece, as of 09:59 a.m., compared to a 0.18% advance in the NSE Nifty 50.
The stock has risen 267.44% in the last 12 months. Total traded volume so far in the day stood at at par with its 30-day average. The relative strength index was at 87 indicating that the stock was overbought.
Out of five analysts tracking the company, three maintain a 'buy' rating, and two recommend a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 0.5%
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