Suzlon Energy (NSE: SUZLON) share price has been in the spotlight in the past few days as investors cheer a recent deal. The stock was trading at ₹37.50 on Tuesday, a few points below the year-to-date high of ₹44.05. It has risen by more than 575% from its lowest point in 2022.
Wind power winnerClean energy companies have been some of the worst performers in 2023 as concerns about demand and interest rates continued. In Germany, Siemens Energy, a leading manufacturer of wind turbines, had to be bailed out.
Orsted, the giant Danish wind company, also abandoned a leading project in New Jersey, costing the state millions of dollars. At the same time, stocks like NextEra, SunRun, and SunPower also tumbled.
The case was different in India, one of the best-performing countries in the world. Suzlon Energy, a leading Indian company in the wind energy industry, was one of the best performers.
Suzlon Energy stock price surged by over 260% in 2023 while the Nifty 50 and BSE Sensex indices rose by over 20%.
For starters, Suzlon Energy is a company that manufactures wind turbines. It sells wind turbines of all sizes ranging from 52 meters to 144 meters. Over the years, the company has sold over 12,700 wind turbines.
The most recent Suzlon Energy news was a new repeat order for a 193.2 MW wind power projects for The KP Group. The order will be for power generation in the state of Gujarat and will involve 92 units of the S120 turbine.
Therefore, analysts believe that the new development, coupled with woes at Siemens Energy, will lead to more sales. The most recent results showed that the company’s revenue rose to ₹1,428 crores from ₹1,361 crores. Its net profit also continued rising, reaching a high of ₹133 crore.
Suzlon Energy share price outlook
The daily chart shows that the Suzlon Energy stock price has pulled back in the past few weeks. It has retreated from almost ₹45 to ₹37.50. It has remained above the 50-day 100-day Exponential Moving Averages (EMA).
The stock has formed a falling wedge pattern, which is a sign of a bullish reversal. It has also formed a bullish flag pattern. Therefore, the outlook for the stock is bullish, with the next point to watch being at the year-to-date high of ₹45. A drop below the support at ₹33.75 will invalidate the bullish view.
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