Implications of Budget 2024 on Suzlon Share Price Movement
Following the conclusion of Finance Minister Nirmala Sitharaman’s Budget 2024 address, the stock market experienced significant movement, particularly in Suzlon Energy Ltd shares. Post the speech, Suzlon Energy Ltd shares surged by 5 percent, hitting an upper circuit and reaching a new 52-week peak of ₹48.20 per share on the National Stock Exchange (NSE).
As the market opened, Suzlon’s share price exhibited an upward trend, starting at ₹47.30 per share on the NSE. Investors observed a bullish sentiment leading up to the interim budget presentation, with the stock reaching an intraday high of ₹48.20.
However, the intraday high was followed by a retracement, with Suzlon shares dipping to an intraday low of ₹47 per share just before the budget speech. Despite this temporary decline, the momentum swiftly shifted as Finance Minister Nirmala Sitharaman neared the conclusion of her speech. This renewed momentum propelled Suzlon’s stock price to trigger a 5 percent upper circuit, indicating increased investor confidence and positive market sentiment towards the renewable energy sector.
Conclusion:
In conclusion, the surge in Suzlon Energy Ltd shares to the upper circuit following the Budget 2024 speech reflects the market’s response to the announcements made by Finance Minister Nirmala Sitharaman. The company’s stock hitting a new 52-week high underscores investor confidence and optimism surrounding Suzlon’s prospects, particularly within the renewable energy sector. This upward movement suggests that investors perceive favorable implications from the budgetary measures, driving heightened interest and demand for Suzlon shares in the market.
