Suzlon Energy gains after Chairman's comments on likely exit from CDR

Suzlon Energy rose 4.91% to Rs 17.10 at 13:55 IST on BSE after chairman Tulsi Tanti was quoted as saying yesterday, 4 August 2016, that the company will exit corporate debt restructuring program offered by its lenders before 31 March 2017.

Meanwhile, the S&P BSE Sensex was up 248.91 points, or 0.90%, to 27,963.28.

On BSE, so far 36.41 lakh shares were traded in the counter, compared with an average daily volume of 53.61 lakh shares in the past one quarter. The stock hit a high of Rs 17.60 and a low of Rs 16.60 so far during the day. The stock hit a 52-week high of Rs 28 on 6 August 2015. The stock hit a 52-week low of Rs 12.80 on 12 February 2016. The stock had underperformed the market over the past one month till 4 August 2016, falling 5.78% compared with 1.60% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 11.26% as against the Sensex's 10.41% rise.

The mid-cap company has equity capital of Rs 1004.10 crore. Face value per share is Rs 2.

Suzlon acquired German wind energy firm RePower, now renamed Senvion, for 1.4 billion euros ($1.56 billion) in 2007. The debt funding to purchase Senvion badly hurt Suzlon, leading it to post default in foreign currency convertible debt in 2012. It also forced Suzlon to enter CDR in 2013.

On consolidated basis, Suzlon Energy reported net loss of Rs 270.55 crore in Q4 March 2016, lower than net loss of Rs 1212.06 crore in Q4 March 2015. Net sales declined 33.9% to Rs 3244.93 crore in Q4 March 2016 over Q4 March 2015.

The Suzlon Group is one of the leading renewable energy solutions providers in the world with an international presence across 19 countries. The company has recently forayed into the solar space.

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