Suzlon Energy gains after commissioning wind power turnkey project for CLP in Rajasthan

Suzlon Energy gained 0.49% to Rs 20.35 at 12:55 IST on BSE after the company announced that it has completed the commissioning of 100.8 megawatts wind power turnkey project for CLP India in Rajasthan, India.

The company made announcement during market hours today, 29 September 2015.

Meanwhile, the BSE Sensex was up 54.76 points, or 0.21%, to 25,671.60.

On BSE, so far 28.20 lakh shares were traded in the counter, compared with an average volume of 71.05 lakh shares in the past one quarter.

The stock hit a high of Rs 20.50 and a low of Rs 19.80 so far during the day. The stock hit a 52-week high of Rs 31.35 on 19 March 2015. The stock hit a 52-week low of Rs 10.89 on 22 October 2014.

The stock had underperformed the market over the past one month till 28 September 2015, falling 8.58% compared with 2.94% fall in the Sensex. The scrip had however outperformed the market in past one quarter, dropping 7.74% as against Sensex's 7.89% fall.

The large-cap company has an equity capital of Rs 1041.67 crore. Face value per share is Rs 2.

Suzlon Energy said the project will provide electricity to over 50,000 homes and curb 0.21 million tonnes of CO2 emissions annually. Suzlon will offer operations and maintenance for 20 years through an Integrated Service Package contract.

The project is located at Tejuva, Jaisalmer in Rajasthan which is the home to the country's largest windpark with total capacity additions pegged at 1500 megawatts (MW) out of which over 1200 MW have already been commissioned. The project comprises of 48 WTGs (wind turbine generator) of Suzlon's robust S97-2.1 MW wind turbines featuring Doubly Fed Induction Generator (DFIG) technology.

CLP India is the wholly owned subsidiary of CLP Holdings and one of the largest foreign investors and one of the largest wind power developers in the Indian power sector.

On a consolidated basis, Suzlon Energy reported net profit of Rs 1047.41 crore in Q1 June 2015 as against net loss of Rs 750.74 crore in Q1 June 2014. Net sales declined 43.9% to Rs 2605.81 crore in Q1 June 2015 over Q1 June 2014.

The Suzlon Group is a leading wind turbine manufacturer in India having a global presence with spread extending across Asia, Australia, Europe, Africa and North and South America.

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