Social media is buzzing for the past three to four days and the reason behind is Suzlon Energy share price. Many Instagram influencers are posting videos outlining Suzlon Energy shares that have become multi bagger and has given investors whopping returns. In the last few months, Suzlon Energy shares have filled the pockets of investors. In the last one month, the shares of this company have given a return of about 47 percent. In three months, it has given more than 100 percent return. It means Suzlon has doubled the amount of investors. On 9 May 2024, the share price of the company was Rs 39.60. Today on 12 August it has become Rs 80.40. In such a situation, this stock has gained 103 percent in three months. Now, people are wondering about Suzlon Energy shares price reason or Suzlon Energy shares skyrocketing reason. Below is the reason behind Suzlon Energy shares price hike and incredible return-
The price of one share of wind turbine manufacturing company Suzlon Energy is currently Rs 80.36. This is the highest price in 14 years. It means the share is at its new peak after 14 years. The maximum price of this share has reached around Rs 400. This price reached this level in January 2008. Since then, it has declined. However, for some time now, it is again witnessing a rise. Below is the reason why-
As per Upstox, the latest surge in Suzlon Energy shares came over the news of accusations of renewable energy operations and maintenance service. On August 6, 2024, Suzlon Energy announced that it has executed definitive agreements for the acquisition of a 76% stake in India’s largest multi-brand renewable energy operations and maintenance service (O&M) company Renom Energy Services in two tranches.
Upon completion of the acquisition, Renom Energy Services would become a subsidiary of Suzlon Energy. However, it will continue to operate as an independent board-managed service provider. Renom Energy provides comprehensive operations and maintenance services of all technologies and capacity of wind turbines and solar assets under a single roof.
Suzlon shares on August 13, 2024 at 12:11 pm
Notably, Morgan Stanley has given overweight rating on Suzlon, with a target price of Rs 73.4 per share, which the stock has already surpassed. The international brokerage views the acquisition of Renom Energy Services as a strategic move into the multibrand Operations and Maintenance Services (OMS) sector.
Suzlon Energy's share touches upper circuit, gives almost 103% return to investors in 3 months; Know the reason