At the beginning of the trading week, on June 11, Suzlon shares jumped 4 per cent. Although the speed of the surge appears to have waned, they continue to hold their loins in green. On the last day of the trading week, Friday, June 14, the company shares started on a negative note, the value of the shares even dipped 0.44 per cent.
Suzlon Holds Strong In Green
This did not last for long, as the company shares hopped right back into green. At 09:40 IST, the shares were trading at an improvement of 0.56 per cent or Rs 0.28, taking the total value for each individual share to Rs 50.15.
These developments came to pass after Nuvama Wealth and Investment Limited, a Mumbai-based brokerage company, touted the shares of the renewable energy company as ‘good to have’, not a ‘need to have’ share. |
These developments came to pass after Nuvama Wealth and Investment Limited, a Mumbai-based brokerage company, touted the shares of the renewable energy company as ‘good to have’, not a ‘need to have’ share.
The brokerage even went so far as to say, that there is no reason for one to not 'BUY' these shares. Interetingly, according to reports, the company that has had wavering performance in the past, Marc Desaedeleer, an independent director at Suzlon, quit the company on June 8.
According to Desaedeleer, he arrived at the decision because the corporate governance standards at Suzlon did not match his expectations.
'Governance At Suzlon Did Not Match Expectations'
Following his resignation, the company came out, saying that the resignation was not linked to any fiscal management at the company and the company had not committed any violations of any existing norms. Despite this clarification, on Monday, June 9, the company shares tanked.
The Nuvama report and their target of Rs 53 appear to have an impact, prima facie.
The newly sworn-in government's push or promise towards green energy and sustainability may have worked in the company's favour. |
The newly sworn-in government's push or promise towards green energy and sustainability may have worked in the company's favour.
The markets opened on a relatively negative note on Friday. In the early hours of the day's trade, the marquee indices were both behind. BSE Sensex was down 0.15 per cent or 115.54 points, taking the total tally to 76,695.36 (09:51 IST). NSE Nifty was also trading 0.074 per cent or 17.20 points lower at 23,381.70.
