Mumbai: Suzlon Energy shares are in focus on June 10, 2024 after the green energy company’s independent director Marc Desaedeleer resigned on Saturday. The stock moved north last week and ended at Rs 49.80 apiece on June 7. Speaking to News9, market expert Arun Mantri said that the investors planning to buy the counter should purchase on dips.
The Mantri Finmart founder recommended buying Suzlon shares at Rs 42 and Rs 44 as the scrip is at resistance levels of Rs 50 and Rs 52.
Suzlon independent director resigns
Desaedeleer, working as an independent director on the board of Suzlon Energy since 2016, resigned saying that the company was facing governance and transparency issues.
In his resignation letter, Desaedeleer said that while he was happy with Suzlon’s financial performance, however, he had concerns in regards to governance and transparency.
Suzlon Energy release a note confirming Desaedeleer’s resignation. “This is to further confirm that based on the resignation letter of Mr. Marc Desaedeleer, there is no other material reason for resignation other than the one provided,” it stated.
Suzlon share price history
Suzlon shares have turned out to be a multibagger as the stock has rallied over 225 per cent in the last 1 year. The scrip closed at rs 49.80 per equity share on June 7, 2024.
Suzlon financials
Suzlon Group, one of the leading renewable energy solutions providers in the world, declared its Q4 Results 2024 in May and reported its highest consolidated EBITDA and PAT before exceptional items in 7 years.
The company informed that it has it largest ever order book of 3.3 GW
At present and registered a revenue of Rs 6,497 crore in FY24 and Rs 2,179 crore in Q4 of the financial year.
Suzlon’s EBITDA stood at Rs 1,029 crore in FY24 and Rs 357 crore in Q4 FY24. The PAT before exceptional items for FY24 increased to 428 per cent to Rs 714 crore on YoY basis, while the PAT before exceptional items for Q4 FY24 surged to 411 per cent to INR 281 crores on YoY basis. The Net cash position was reported to be Rs 1,148 crore as on 31st March 2024.
(Disclaimer: Arun Mantri is a SEBI registered investment advisor. This article is only meant to provide information. News9live.com does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
Stock Market expert Arun Mantri recommended buying Suzlon shares on dips, i.e. at Rs 42-44. Suzlon’s independent director Marc Desaedeleer resigned citing governance and transparency issues. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
