Suzlon Energy shares: On Friday, Suzlon Energy Ltd’s shares extended their decline for the second consecutive session. The stock was observed trading 0.77% lower at Rs 42.70. Despite this, the stock, which has been a multi-bagger, has surged by 425.86% over the past year at this price.
In a recent filing with the BSE, the renewable energy solutions provider stated, “We wish to inform you that the GST department of Tamil Nadu has imposed a penalty on the company.” Suzlon Energy has already settled the penalty amount and is currently in the process of contesting it with the relevant authorities. The penalty order amounted to Rs 98,79,340.
Last week, Suzlon Energy faced two penalty orders from the Income Tax department for the financial years 2015-16 (FY16) and 2016-17 (FY17). These penalties amounted to Rs 87.59 crore for FY16 and a substantial Rs 172.76 crore for FY17.
Suzlon also stated that it is currently undergoing the process of contesting the penalty orders.
Analysts had differing opinions about the technical setup of the counter. There would be immediate support in the Rs 41–40 range.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, commented, “The stock has demonstrated substantial recovery from the Rs 35.50 range to surpass Rs 41.20. Resistance was encountered near Rs 44.50. Short-term support is evident at Rs 40. With an overall positive bias, one can expect further upward movement towards higher targets of Rs 47 and Rs 51 levels, maintaining a stop loss at Rs 40.”
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, remarked, “The stock exhibits strength on the charts, with a potential near-term upside target of Rs 45. A stop loss at Rs 38 is advisable.”
AR Ramachandran from Tips2trades noted, “Suzlon Energy appears somewhat bearish on the daily charts, encountering robust resistance at Rs 44.6. A daily close below the support level of Rs 41.5 might signal a downward movement towards a near-term target of Rs 37.”
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The BSE and NSE have placed Suzlon’s securities under the long-term Additional Surveillance Measure (ASM) framework. Exchanges implement short-term or long-term ASM frameworks to alert investors to high volatility in share prices.
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