JP Morgan downgraded country's wind turbine maker Suzlon Energy to "underweight" from "neutral" and cut its target price on the stock to Rs 20 from Rs 61.
Foreign currency convertible bonds (FCCBs) repayment due next fiscal year is an overbearing concern for equity shareholders, JP Morgan said in a note, adding sources of cash identified by the management to service the repayment "entail significant risk of disappointment."
The company needs to repay $360 million in June and $209 million in October. At 11.14 am, the stock was up 2.55% at Rs 30.20 in a Mumbai market which was up 1.21%.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app