• Source:JND
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Suzlon Energy Share Price:  Shares of Suzlon Energy continued its losing momentum during the trading session as well. The stock closed at Rs 81.20, down 0.7 per cent, in the day trade it went down a level of 80.50. At this price, the scrip has declined over 6 rupees per cent from its recent 52-week high of Rs 86.04, which was achieved this month. Despite the loss, the multi-bagger stock has gained 109.72 per cent so far this year, delivering multi-bagger returns to investors.

Today's fall in the energy sector stock followed by the Morgan Stanley report, which reportedly downgraded Suzlon Energy from its previous rating of 'overweight' to 'equal weight.' However, the international brokerage firm raised its target price on the wind energy solutions provider's stock to Rs 88 from Rs 73 previously.

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Suzlon's share price has doubled in the last six months, rising 111 per cent and outperforming the Nifty 50, which has gained nearly 31 per cent in the period. Morgan Stanley noted that the outperformance was due to the order book and its improved balance sheet, as well as strong growth in cash flow from operations.

Following the update, shares of the wind power solutions provider fell 2 per cent to a low of Rs 80.5 for the day.

Morgan Stanley said Suzlon remains the main beneficiary of India's wind power growth amid favourable competition and has the potential to increase its market share by between 35 per cent and 40 per cent.

In the same report on power companies, Morgan Stanley upgraded Tata Power from underweight to an overweight rating and raised its price target to Rs 577. However, the power grid was downgraded from 'overweight' to 'equal weight' while the target price was increased from Rs 296 to Rs 376.

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Disclaimer:  This is only a update about the performance of the stock, Jagran does not advise investing. Please do take expert opinion before investing.