Suzlon Energy gains after bagging order from Hero Future Energies for wind power project

Suzlon Energy rose 0.68% to Rs 22.30 at 11:40 IST on BSE after the company announced that it has won its maiden order from Hero Future Energies, an Independent Power Producer company.

The company made the announcement during market hours today, 23 November 2015.

Meanwhile, the S&P BSE Sensex was up 24.25 points or 0.09% at 25,892.74.

On BSE, so far 19.77 lakh shares were traded in the counter as against average daily volume of 68.35 lakh shares in the past two weeks.

The stock hit a high of Rs 22.55 and a low of Rs 22.10 so far during the day. The stock had hit a 52-week high of Rs 31.35 on 19 March 2015. The stock had hit a 52-week low of Rs 12.15 on 16 December 2014.

The stock had underperformed the market over the past one month till 20 November 2015, dropping 9.59% compared with 5.27% decline in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 11.4% as against Sensex's 6.3% decline.

The large-cap company has an equity capital of Rs 994.72 crore. Face value per share is Rs 2.

Suzlon Energy said that order is for 31.50 megawatts (MW) of wind power project. Suzlon will install its S97 suite of WTGs (wind turbine generators) with 120m hub height and rated capacity of 2.1 MW each at Zaheerabad site in Medak district, Telangana on supply and installation basis. The project will be scheduled for commissioning by June 2016.

Hero Future Energies (HFE), one of India's leading Independent Power Producers (IPP) in renewable energy, came into existence in the year 2012.

On a consolidated basis, Suzlon Energy reported net loss of Rs 181.10 crore in Q2 September 2015 as against net loss of Rs 656.21 crore in Q2 September 2014. Net sales declined 66.8% to Rs 1768.42 crore in Q2 September 2015 over Q2 September 2014.

The Suzlon Group is a leading wind turbine manufacturer in India with a global presence. The Group, headquartered at Suzlon One Earth in Pune comprises Suzlon Energy and its subsidiaries.

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