Suzlon Energy gains 5% fifth day in a row

Since May 30, the stock has rallied 56% from Rs 21.96 after reporting a operating profit of Rs 328 crore in March quarter.

Suzlon Energy is locked in upper circuit for fifth straight trading sessions, up 5% at Rs 34.35 in early morning deals on the Bombay Stock Exchange (BSE).

At 0930 hours, a combined 2.75 million shares changed hands and there are pending buy orders for 5.88 million shares on the BSE and NSE.

Shares of the wind turbine manufacturer are currently trading at their 52-week high. The stock has outperformed the market by surging 56% from Rs 21.96 on May 30, after reporting a operating profit of Rs 328 crore for the quarter ended March 2014.

The company had reported an operating loss of Rs 594 crore in the same period last year. The benchmark S&P BSE Sensex has gained 5% during the same period.

Suzlon Energy said that its net loss for the quarter ended 31 March narrowed to Rs 603 crore from Rs 1,913 crore in the year-ago period, helped by cost reductions and restructuring of operations.

Meanwhile, on June 5, 2014 Suzlon Group had secured a 100.8 MW order by ReNew Wind Power, India’s leading IPP in the wind energy sector. The project is scheduled for execution at the Bhesada wind site, Dist Jaisalmer, Rajasthan. As per the agreement, the Group will not only supply 48 units of its robust S97-120m WTG’s but will also oversee operations, maintenance and service of the wind site over the contracted period, it added.