Suzlon Energy corrects on profit booking

Suzlon Energy fell 1.53% to Rs 28.95 at 14:46 IST on BSE on profit booking after the stock rose 11.36% in the preceding two trading sessions to Rs 29.40 on 7 April 2015, from a recent low of Rs 26.40 on 1 April 2015.

Meanwhile, the BSE Sensex was up 206.79 points, or 0.73%, to 28,723.38.

On BSE, so far 1.80 crore shares were traded in the counter, compared with an average volume of 1.63 crore shares in the past one quarter.

The stock hit a high of Rs 30.25 and a low of Rs 28.50 so far during the day. The stock hit a 52-week high of Rs 36.80 on 12 June 2014. The stock hit a 52-week low of Rs 10.89 on 22 October 2014.

The stock had outperformed the market over the past one month till 7 April 2015, rising 11.15% compared with 3.17% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 90.17% as against Sensex's 5.97% rise.

The large-cap wind turbine manufacturer has an equity capital of Rs 801.54 crore. Face value per share is Rs 2.

The recent rise in shares of Suzlon Energy was triggered by a foreign brokerage starting coverage on the stock with a "buy" rating.

The foreign brokerage said that Suzlon Energy will break even at net profit level by early financial year ending March 2017 (FY 2017). It added that Suzlon is well placed to win back 50% market share in the domestic wind equipment market.

Suzlon Energy reported consolidated net loss of Rs 6538.68 crore in Q3 December 2014 compared with consolidated net loss of Rs 1075.25 crore in Q3 December 2013. The total income fell 2.2% to Rs 4986.56 crore in Q3 December 2014 over Q3 December 2013.

The Suzlon Group is ranked as the world's fifth largest wind turbine manufacturer, in terms of annual installed capacity and market share in 2013.

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