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Suzlon Energy slides on profit booking after 2-day 19.1% rally

According to reports, the BSE Sensex was up 79.68 points or 0.4% at 20,183.03. On BSE, 41 lakh shares were traded in the counter as against average daily volume of 57.77 lakh shares in the past one quarter.

The stock hit a high of Rs 21.90 and a low of Rs 21.05 so far during the day. The stock had hit a 52-week high of Rs 32.35 on 10 February 2012. The stock had hit lifetime low of Rs 14.75 on 31 August 2012.

The stock had outperformed the market over the past one month till 28 January 2013, surging 11.4% compared with the Sensex’s 3.39% rise. The scrip had also outperformed the market in past one quarter, jumping 39.16% as against Sensex’s 7.94% surge.

The mid-cap company has equity capital of Rs 355.47 crore. Face value per share is Rs 2.

Shares of Suzlon Energy had rallied 19.11% in two trading sessions to settle at Rs 21.50 on Monday, 28 January 2013, from a recent low of Rs 18.05 on 24 January 2013.

Suzlon Energy during trading hours on Monday, 28 January 2013 said it has signed a contract for a 21.75 megawatts project with Sri Kumarswamy Mineral Exports (SKMEPL), Bellary. The project with SKMEPL, Bellary comprises nine units of Suzlon’s S66 – 1.25 megawatts (MW) and five units of Suzlon’s S88 – 2.1 MW wind turbines. The project is set to be commissioned in the Dindigul and Tirunelveli district of Tamil Nadu by the end of March 2013, Suzlon said in a statement.

SKMEPL has an existing installed capacity of 29.25 MW from wind energy projects solely developed by Suzlon, operating in sites across Karnataka, Tamil Nadu and Maharashtra. This new order will augment SKMEPL’s existing renewable energy portfolio to 51 MW.

Suzlon Energy after trading hours on 24 January 2013, announced that it has received the formal approval of its proposal for the restructuring of its domestic debt by the Empowered Group of Corporate Debt Restructuring (CDR) Cell. Suzlon Energy’s domestic lenders, a consortium of 19 banks, approved the company’s CDR package of about Rs 9500 crore ($1.8 billion). The package includes a two year moratorium on principal and term-debt interest payments; a three per cent reduction in interest rates; six month moratorium on working capital interest; as part of the package Rs 1500 crore ($270 million) (two year’s interest payment during moratorium) will be converted into equity/equity linked instrument over the next two years to bring stronger financial stability; and, a 10 year door-to-door back-ended repayment plan. The package also includes an enhancement of working capital facilities, by approximately Rs 1800 crore ($ 350 million), allowing the company to accelerate the execution of its strong orderbook. The company’s promoters will also bring in equity to the extent of Rs 250 crore into the company in stipulated time frame, of which Rs 62 crore has already been infused.

Suzlon Energy reported consolidated net loss of Rs 807.74 crore in Q2 September 2012, as against net profit of Rs 48 crore in Q2 September 2011. Net sales rose 12.4% to Rs 5702.23 crore in Q2 September 2012 over Q2 September 2011.

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