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Suzlon Energy rallies on winning 350 MW order in Canada

With a total rated output of 350 MW the Riviere-du-Moulin wind farm will be the biggest project in the history of REPower.

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Suzlon Energy has rallied 8% to Rs 22.95 after the company said its subsidiary REpower Systems SE has signed a definitive contract with EDF EN Canada Inc, for delivery of 175.2 megawatt (MW) wind turbines of the REpower MM82 and MM92 type for a project in Qubec, Canada.

“With a total rated output of 350 MW the Riviere-du-Moulin wind farm will be the biggest project in the history of REPower,” said in a statement.

The construction of the first 150 MW phase is expected to begin producing power in December 2014 and the second 200-megawatt phase will follow a year later, it added.

Meanwhile, the market regulator Securities and Exchange Board of India (Sebi) has disposed of a case against Suzlon Energy and its officials, including Chairman Tulsi Tanti, for alleged violation of Prohibition of Insider Trading (PIT) Regulations through the consent route.

The stock opened at Rs 21.65 and touched high of Rs 23.40 on NSE. As many as a combined 51.89 million shares have already changed hands on the counter in morning deals against an average sub 45 million shares that were traded daily in past two weeks.

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UCO Bank slips on declining net

Shares of UCO Bank has slumped after the bank posted a sharp drop in net profit for the third quarter ended December 31, 2012.

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