Monday, July 22, 2024

Suzlon shares hit new 52-week high

Suzlon Energy shares hit a new 52-week high of Rs 27.05 on the BSE on Tuesday.

Suzlon shares are having a remarkable run in the last one year after it had hit a low of Rs 6.6 in October last year.

Suzlon shares were up 4.76 per cent in trade on Tuesday.

The renewable energy solutions provider has given a return of 241 per cent in the last year, as per Trendlyne data.

Shares of Suzlon Energy had fallen 3 per cent to Rs 25 on September 27 after Sun Pharma promoter Dilip Shanghvi Family and Associates decided to terminate the amended and restated shareholders’ agreement that was signed in February 2020.

“While we will continue as investors in the company, we have taken a decision to terminate the formal shareholder’s agreement signed in 2015,” Shanghvi had said in a statement.

“Over the last eight years, we have had a fruitful association with Suzlon and the Tanti family. I always had and continue to have great respect and admiration for Tulsibhai. He was a great entrepreneur, a visionary and a renowned expert on clean energy,” he had said.

“We signed a mutual agreement with Suzlon and it’s promoters in February 2015, making investments to help the company capitalize on the growing opportunities in the renewable energy sector. We support the management’s plan to aggressively grow the business as well as their efforts towards regaining market share. The company has seen a turnaround under a challenging environment, which is a positive sign”, the statement said.

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