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Suzlon Energy extends rally on new orders

According to reports, the Suzlon stock has risen 5.1% in two trading sessions from Rs 18.65 on Thursday, 22 December 2011, after the company announced before trading hours on Friday, 23 December 2011, that it has secured cumulative orders aggregating Rs 935 crore in India during the period from 22 October 2011 and 22 December 2011.

The stock had underperformed the market over the past one month till 23 December 2011, falling 13.86% compared with the Sensex’s 0.25% rise. The scrip had also underperformed the market in past one quarter, declining 50.59% as against 2.62% fall in the Sensex.

The mid-cap wind turbine maker has an equity capital of Rs 355.47 crore. Face value per share is Rs 2.

Suzlon Energy said it has secured cumulative orders of 166.30 megawatts (MW) in India over a two month period from 22 October 2011 to 22 December 2011, excluding orders announced separately. These orders cover various firm orders secured between 22 October 2011 and 22 December 2011 and represent a strong customer-mix, covering PSUs, large corporates and SMEs with order sizes ranging from as small as 0.6 MW to 20 MW, Suzlon said in a statement.

Commenting on the development, Mr Tulsi Tanti Founder, Chairman and MD, Suzlon Group said, “These orders underscore the vibrant and rapidly growing Indian wind sector, and our ability to tailor end-to-end wind solutions to all customers. With an ever increasing need for energy, along with technology making it possible to profitability harness low wind sites, we see India continuing to be one of our fastest growing markets in the years ahead”.

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