suzlon share price: After doubling money in 3 months, Suzlon stock may get $200 million boost

Shares of multibagger smallcap stock Suzlon Energy, that has more than doubled investor wealth in the last 3 months alone, could see $195 million inflow from passive funds from a likely inclusion in MSCI India Standard Index next week.

Global index services provider MSCI will announce the results of its semi-annual index review on 14th November night, based on which adjustments will come into effect from December 1.

IIFL Securities said it expects Tata Communications, Macrotech Developers, APL Apollo Tubes, Persistent Systems, IndsInd Bank, Polycab, Paytm and Suzlon likely to be added to the MSCI India Standard Index after the review.

Suzlon, as a result of the inclusion, may see an inflow of about $195 million while Paytm may witness $144 million inflow.

In the meantime, Nuvama said Suzlon is one among the 14 probable smallcap stocks that can get upgraded to midcap status by the Association of Mutual Funds in India (AMFI) in its semi-annual categorization of stocks next year.

In the September quarter, the green energy player which has turned net-worth positive after a decade, reported 79% growth in its net profit at Rs 102 crore on improved operating performance.

The company had a net cash of Rs 599 crore in its books as on September 2023, which is a marked shift from net debt of Rs 1,180 crore in March 2023.”During the quarter we have further seen policies that strengthen the sector to drive India’s green transition like the concrete guidelines for tariff based competitive bidding, announcement of the national framework for promoting energy storage systems, the green hydrogen standards, and the strategy for establishing offshore wind energy projects,” said Girish Tanti, Vice Chairman, Suzlon Group.

At the end of September quarter, the company’s order book stands at 1,613 MW with a fair split between the S120 and S144 turbine orders, thereby giving it a sustainable supply pipeline to work with.

“Suzlon Energy is bullish but also overbought on the daily charts with next resistance at Rs 40.2. Traders should book profits at current levels or hold till daily support of Rs 36.45 is broken on a closing basis,” said A.R Ramachandran, Co-founder & Trainer at Tips2trades.

The stock hit a fresh 52-week high of Rs 39.10 on BSE today following a 4.5% upside.

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