Suzlon Energy Surges to New Heights Post-Budget 2024: A Deep Dive
In the aftermath of Finance Minister Nirmala Sitharaman’s Budget 2024 speech, Suzlon Energy Ltd experienced a remarkable 5% surge, reaching an impressive new 52-week high of ₹48.20 per share on the National Stock Exchange (NSE). The stock, which opened on a positive note at ₹47.30, navigated through intraday fluctuations before confidently settling at the upper circuit.
Intraday Volatility and Budget Connection
The journey for Suzlon shares on this particular day wasn’t without its twists and turns. After reaching the intraday high of ₹48.20, the stock retraced to ₹47 apiece ahead of the budget speech, only to regain momentum as Nirmala Sitharaman concluded her address, eventually locking in a 5% upper circuit.
Budget 2024 Proposals Fueling the Rally
Experts in the stock market believe that Suzlon’s newfound glory is intricately linked to the proposals outlined in Budget 2024. The budget’s emphasis on the development of green energy companies, especially those engaged in wind energy, has positioned Suzlon Energy favorably. As the company operates within this segment, market expectations of benefiting from Budget 2024 proposals have intensified.
Expert Analysis and Future Outlook
Drawing a connection between the Suzlon share price rally and Budget 2024, Divam Sharma, Founder, and Fund Manager at Green Portfolio, commented, “Green Energy, as expected, has seen some significant developments. Wind Energy, in particular, is of great interest to us as we invest in a company within the wind industry. The share price of that company surged with the announcement to promote offshore wind energy harnessing through gap funding.”
In terms of a forecast for Suzlon shares, Sumeet Bagadia, Executive Director at Choice Broking, expressed optimism. He advised shareholders to maintain their positions, setting a stop-loss at ₹45 apiece. Bagadia believes that Suzlon share price holds the potential to climb further, aiming for levels around ₹55 and ₹60 per share in the short term.
Conclusion: Riding the Green Wave
As Suzlon Energy continues to ride the green wave propelled by Budget 2024, shareholders may find themselves in an optimistic position. The confluence of budgetary incentives and the company’s strategic positioning within the wind energy sector paints a promising picture for Suzlon’s future trajectory. Investors, buoyed by the budget’s favorable stance towards green energy, can keep a watchful eye on Suzlon’s ascent in the post-Budget landscape.