Suzlon Energy jumps after brokerage initiates coverage

Suzlon Energy rose 5.87% to Rs 27.95 at 9:49 IST on BSE after a foreign brokerage started coverage on the stock with a "buy" rating.

Meanwhile, the BSE Sensex was up 36.10 points, or 0.13%, to 28,296.24.

On BSE, so far 51.98 lakh shares were traded in the counter, compared with an average volume of 1.58 crore shares in the past one quarter.

The stock hit a high of Rs 28.15 and a low of Rs 27.40 so far during the day. The stock hit a 52-week high of Rs 36.80 on 12 June 2014. The stock hit a 52-week low of Rs 10.89 on 22 October 2014.

The stock had outperformed the market over the past one month till 1 April 2015, falling 2.94% compared with 3.75% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 80.70% as against Sensex's 2.74% rise.

The large-cap wind turbine manufacturer has an equity capital of Rs 801.54 crore. Face value per share is Rs 2.

The foreign brokerage said that Suzlon Energy will break even at net profit level by early financial year ending March 2017 (FY 2017). It added that Suzlon is well placed to win back 50% market share in the domestic wind equipment market.

Suzlon Energy reported consolidated net loss of Rs 6538.68 crore in Q3 December 2014 compared with consolidated net loss of Rs 1075.25 crore in Q3 December 2013. The total income fell 2.2% to Rs 4986.56 crore in Q3 December 2014 over Q3 December 2013.

The Suzlon Group is ranked as the world's fifth largest wind turbine manufacturer, in terms of annual installed capacity and market share in 2013.

Powered by Capital Market - Live News