Suzlon Energy gains after securing new order

Suzlon Energy rose 3.48% to Rs 15.47 at 10:47 IST on BSE after the company said it secured a 226.80 megawatt contract from an independent power producer.

The announcement was made during market hours today, 11 January 2017.

Meanwhile, the S&P BSE Sensex was up 130.47 points or 0.49% at 27,030.03.

On the BSE, 42 lakh shares were traded on the counter so far as against the average daily volumes of 40.30 lakh shares in the past one quarter. The stock had hit a high of Rs 15.70 and a low of Rs 15 so far during the day.

The stock had hit a 52-week high of Rs 21.95 on 11 January 2016 and a 52-week low of Rs 12.47 on 9 November 2016.

The mid-cap company has equity capital of Rs 1004.88 crore. Face value per share is Rs 2.

Suzlon Energy announced that it was awarded 226.80 megawatt (MW) contract from a leading independent power producer (IPP). The order consists of 108 units of S111 90m tubular tower with rated capacity of 2.1 MW. The project will be located in Anantapur district of Andhra Pradesh, and is scheduled for completion by March 2017.

The company has entered into an exclusive supply and installation agreement (SIA) and engineering and construction of the project. It will also be responsible for operation and maintenance services with dedicated life cycle asset management services for an initial period of 10 years. The project has the potential to provide power to over 1.20 lakh households and reduce 0.48 million tonnes of CO2 emissions per annum.

On a consolidated basis, Suzlon Energy reported net profit of Rs 237.62 crore in Q2 September 2016 as against net loss of Rs 201.66 crore in Q2 September 2015. Net sales rose 57.30% to Rs 2746.18 crore in Q2 September 2016 over Q2 September 2015.

Suzion Energy is one of the leading renewable energy solutions providers in the world with an international presence across 19 countries in Asia, Australia, Europe, Africa and North and South America.

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