Suzlon Energy declines on profit selling

Suzlon Energy slipped 3.33% to Rs 9.87 on profit selling after recent steep gains.

Shares of the renewable energy company jumped 12.82% in the past three sessions to end at Rs 10.21 yesterday, from its recent closing low of Rs 9.05 on 1 December 2022.

On the BSE, 250.07 lakh shares were traded in the counter so far compared with average daily volumes of 394.68 lakh shares in the past two weeks. The stock hit a high of Rs 10.37 and a low of Rs 9.8 so far during the day.

The stock hit a 52-week high of Rs 12.03 on 18 January 2022. The stock hit a 52-week low of Rs 5.43 on 28 July 2022.

The stock had outperformed the market over the past one month, jumping 20.66% compared with 2.01% rise in the Sensex.

The scrip underperformed the market in past three months, rising 2.71% as against Sensex's 5.73% jump.

The scrip had outperformed the market in past one year, soaring 53.26% as against Sensex's 8.29% jump.

On the technical front, the stock's daily RSI (relative strength index) stood at 69.780. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 8.21, 7.78 and 8.07, respectively. These levels will act as crucial support zones in near term.

The Suzlon Group is one of the leading renewable energy solutions providers in the world with presence in 17 countries.

On a consolidated basis, the company reported net profit of Rs 57.43 crore in Q2 FY23 as against a net loss of Rs 10.55 crore posted in Q2 FY22. Net sales rose 6.2% YoY to Rs 1,430.38 crore in Q2 FY23.

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