On Monday, ICICI Securities reaffirmed its positive stance on Suzlon Energy shares, with the firm's analyst updating the price target to INR60.00 from INR54.00, while the Buy rating remains intact.
This revision follows a conference call held by Suzlon Energy on Sunday, after the resignation of independent director Mr. Marc Desaedleer.
During the call, Suzlon Energy addressed concerns raised by Mr. Desaedleer in his resignation letter regarding the company's corporate governance and transparency.
Although the letter expressed dissatisfaction with these aspects, it acknowledged Suzlon's satisfactory financial and operational turnaround. Importantly, the letter clarified that there were no financial or legal improprieties involved.
The management of Suzlon Energy conveyed its commitment to enhancing transparency and improving the process of information dissemination.
Efforts are underway to address the corporate governance issues raised, with a focus on strengthening governance practices and disclosure processes.
ICICI Securities' maintained Buy rating is buoyed by the management's confidence in resolving the highlighted concerns. The analyst's revised price target indicates optimism about Suzlon Energy's trajectory, as the company works to reinforce its corporate governance and transparency measures.
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