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Ace investor Mukul Mahavir Agrawal has entered Suzlon Energy in the latest quarter, according to data available with the stock exchanges. At the end of the June quarter, his name appeared in the shareholding pattern of wind energy maker at 1.05 per cent or 13 crore shares. As exchanges disclose the shareholding pattern of individuals who hold more than 1 per cent only, it is not immediately known whether he bought those shares during the quarter or accumulated them over a few quarters.
Besides Mukul Agrawal, foreign portfolio investors too increased their holdings in Suzlon. As against March holding of 7.64 per cent, FPIs holding increased to 7.80 per cent, thanks mainly to category 1 investors. Similarly, mutual funds too increased their holding to 0.74 per cent from a mere 0.09 per cent.
On the other hand, the retail individual investors booked some profits on Suzlon as the stocks rose sharply. Their holding decreased to 24.53 per cent from 28.70 per cent. However, HNIs, who hold more than ₹2-lakh worth shares of Suzlon, increased their stake to 21.40 per cent from 19.24 per cent
Suzlon shares jumped nearly 142 per cent since April 1 - from Rs 8.10 to Rs 19.60. Holding of promoters, banks and others saw little difference.
Suzlon has become the first Indian wind energy company to reach 20GW of worldwide wind energy installation and has a 33 per cent cumulative wind energy market share in India, said Emkay Global Financial in a recent report. “The improvement in balance sheet is on the back of the company’s Operation and Maintenance Service (OMS) and Wind Turbine Generator (WTG) arms, along with industry tailwinds, restructuring, refinancing and a successful rights issue,” it further said. Emkay Global, however, has not rated the stock.
Suzlon Energy will be announcing its June quarter earnings on July 25. For March 2023 quarter, it posted a narrowed loss of Rs 59.27 crore against Rs 307.29 crore it registered in Marcy 2022. Total revenues too dipped at Rs 1056.15 crore (1680.85 crore)
ICICI Securities, which initiated Suzlon with a buy target of Rs 22, said India had launched a series of policy initiatives such as single-stage close bidding (vs reverse e-auction, 10GW of wind auction per annum and wind-specific RPOs etc. These policies are expected to generate tailwinds for Suzlon, it added. Suzlon, being the market leader, is best suited to reap the benefits of the same, it said.
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