Suzlon Intraday Buy Call

Stock market analysts have maintained ‘buy’ rating on Suzlon Energy Ltd stock Suzlon Intraday Buy Callwith an intraday target of Rs 242.

According to them, interested traders can purchase the stock above Rs 238 with a strict stop loss of Rs 232. If the stock market remains on positive track, the next target will be above Rs 244.

Shares of the company, on Tuesday (Aug 19), closed at Rs 238.05 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 764940. Current EPS & P/E ratio stood at 8.45 and 28.17 respectively. The share price has seen a 52-week high of Rs 460 and a low of Rs 174.50 on BSE.

Suzlon Energy will lift around Rs 50 billion via issue of securities in the international as well as domestic market.
The stockholders sanctioned lifting of Rs 50 billion via issue of FCCBs, GDRs and other securities.

Earlier in May, the company’s board had approved the scheme.   

The shareowners also approved the announcement of final dividend of Re 1 per equity share of Rs 2 each for the fiscal year 2007-08.

The company reported a rejection in standalone net profit for the three month period ended June 2008. During the quarter, the company’s net profit declined 1.52% to Rs 880.40 million from Rs 894 million during the same quarter of the late year.

The company plans to buy Chinese wind energy company Honiton Energy Holdings for more than USD 500 million.

The takeover will be done by Colossus Holdings, a Singapore-based holding company of the Tanti group and private equity company Arcapita Bank.

The ESOP-2005 committee of the board of directors of Suzlon Energy, at its meeting held on July 05, 2008 has allotted 1,301,000 equity shares of Rs 2 each to the option grantees.

Other stocks from the same sector that looks good for short-term as well as long-term trading includes BHEL, BEML, Praj Industries and BGR Energy.