Suzlon Energy shares soar after the approval of QIP

Suzlon Energy shares hit an upper circuit of 5% at Rs 19.56 on BSE against the last close of Rs 18.63. 

The market cap of Suzlon Energy increased to Rs 24,296 crore.

Renewable energy company Suzlon Energy shares hit the upper circuit of 5% today after shareholders of the business approved the problem of securities to boost funds via a qualified institutional placement (QIP). The stock hit the upper circuit of 5% at Rs 19.56 on BSE against the last close of Rs 18.63. The market cap of Suzlon Energy increased to Rs 24,296 crore. 

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Turnover and volumes were high for the Suzlon Energy share, with 868.44 lakh stock changing hands, amounting to a turnover of Rs 169.29 crore on BSE.

This is the share’s fourth consecutive gain session amid volatility in the broader market. The share has climbed around 9% or Rs 1.59 since Friday last week.

Regarding technicals, the shares’ relative strength index (RSI) was at 57.4, signalling its trading was neither overbought nor oversold. Suzlon Energy stock has a beta of 1.6, meaning very high yearly volatility. Suzlon Energy share trades were more elevated than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.