Three mutual funds buy Suzlon shares in August after 130% rally

    Shares of Suzlon Energy have surged over 130 percent so far in 2023, making the wind turbine manufacturer rank among the top performers on the Nifty 500 index in this period.

    The recent rally has brought the stock to the notice of multiple analysts on the Street. JM Financial recently initiated coverage on the stock with a buy recommendation and a price target of Rs 30 by the end of 2024. You can read more on that here.

    ICICI Prudential Mutual Fund and HDFC Mutual Fund have listed Suzlon among their “fresh buys” which also include stocks like Minda Corp, SJS Enterprises and others.

    UTI Mutual Fund has increased its stake in the company. While the quantum of stake or shares purchased is unclear, it may reflect in the September quarter shareholding pattern, in case the stake happens to be in excess of 1 percent.

    Who Else Owns Stake In Suzlon Energy?

    As per the June quarter shareholding pattern, a total of 17 mutual funds own a combined 4.98 percent stake in the company. However, their names are not specified as their stake would be less than a percent.

    However, Bandhan Core Equity Fund is the only listed Mutual Fund on that list. As of June 30, it had a 1.32 percent stake in Suzlon.

    Among other shareholders in the company include IDBI Bank, which has a 1.34 percent stake, Bank of Baroda, which has a 1.11 percent stake and India’s largest Insurer, LIC, which owns a 1.03 percent stake.

    Suzlon also has a foreign shareholding, with BNP Paribas Arbitrage having a 1.03 percent stake as of June.

    Since the start of August, shares of Suzlon Energy have gained nearly 30 percent. At its 52-week high of Rs 27.05, the stock was up 42 percent since August.

    Despite the recent surge, the stock remains a significant wealth destroyer, as it had an IPO at Rs 510 back in 2006.

    Shares of Suzlon are currently trading 2.6 percent higher at Rs 24.8.

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