Suzlon Energy gets energized after commissioning offshore met station

Suzlon Energy gained 1.23% to Rs 14.79 at 11:00 IST on BSE after Suzlon Group along with associates commissioned their first operational offshore met station in the Arabian sea.

The announcement was made during market hours today, 26 December 2017.

Meanwhile, the S&P BSE Sensex was down 17.66 points, or 0.05% to 33,922.64. The S&P BSE Mid-Cap index was up 84.36 points, or 0.48% to 17,658.14, outperforming the Sensex.

On the BSE, 16.69 lakh shares were traded in the counter so far, compared with average daily volumes of 50.14 lakh shares in the past one quarter. The stock had hit a high of Rs 14.88 and a low of Rs 14.65 so far during the day. The stock had hit a 52-week high of Rs 22.25 on 22 May 2017. The stock hit a 52-week low of Rs 12.80 on 16 November 2017.

The stock has gained 9.96% in five sessions to its ruling price, from a close of Rs 13.45 on 18 December 2017.

The mid-cap company has equity capital of Rs 1063.95 crore. Face value per share is Rs 2.

Suzlon group is actively working on offshore wind energy technology and has initiated techno-commercial feasibility study. Suzlon along with its associates, under the guidance from National Institute of Ocean Technology (NIOT) Chennai and approvals through National Institute of Wind Energy (NIWE) Chennai, have installed their first Operational Offshore LiDAR (Light Detection And Ranging) based wind measurement station in the Arabian Sea, south west of Jakhau port in Kutch, Gujarat. The met station is expected to collect data for a period of two years.

The offshore wind data collection platform is installed at about 16 kilometers from the shore in the territorial waters of Gujarat under the control of the Gujarat Maritime Board (GMB) at a water depth of about 11 meters, where the tidal range is 4 meters. The support platform is at a height of about 14m above water level. Gujarat Maritime Board (GMB) has provided the project with valuable insights about sea properties during various seasons, navigation routes apart from administrative permissions and facilitation.

The unmanned met station will be powered by solar energy and will be remotely monitored for maintenance needs. Engineers will visit the site for general inspection periodically and cater to the servicing needs in case of a breakdown. Additionally, an onshore mast of 150m has also been installed for validation/correlation purposes.

On a consolidated basis, Suzlon Energy's net profit fell 72.1% to Rs 68.1 crore on 56.6% decline in net sales to Rs 1187.02 crore in Q2 September 2017 over Q2 September 2016.

The Suzlon Group is one of the leading renewable energy solutions providers in the world with an international presence.

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