Shares of this below Rs 10 electric equipment company climbed 11 per cent in a sluggish market!

Being one of the stocks with the highest turnover, it had a significant spurt in volume. The price-volume breakout has piqued the interest of investors.

The Indian domestic indices have been on an unbroken upward trend since mid-June 2022. Sensex gained more than 15 per cent in just two months. According to depositories' data, foreign investors are enthusiastic about Indian stocks, having already invested about Rs 44,500 crore in August. However, the upswing in domestic indices has come to a standstill over the past two sessions, owing to the weakness in the global markets.  

In a sluggish market, the shares of Suzlon Energy Ltd soared over 11 per cent. Being one of the stocks with the highest turnover, it had a significant spurt in volume. This price-volume breakout has piqued the interest of investors.  

Taking into account the company's financial performance, it reported a growth of 20.92 per cent from Rs 1,141.78 crore registered in Q1FY22, recording total revenue of Rs 1,380.68 crore in Q1FY23. It has reported strong EBITDA growth of 39.05 per cent. When the net profit for the first quarter of FY23 was compared to the same quarter last year, it was found to unexpectedly soar from Rs 3.30 crore to Rs 2,432.55 crore.   

With 27 years of rich experience in the wind energy sector and a presence in 17 countries, Suzlon is India’s leading renewable energy solutions provider, offering its clients 360-degree solutions, spanning the entire spectrum of wind energy projects.  

Keep a close eye on this scrip for the upcoming sessions!