Suzlon Energy slips on profit booking

Suzlon Energy fell 1.52% to Rs 11.65 at 11:33 IST on BSE on profit booking after the stock rose 12.24% in the preceding four trading sessions to Rs 11.83 on 8 January 2014, from a recent low of Rs 10.54 on 2 January 2014.

Meanwhile, the BSE Sensex was down 16.99 points, or 0.08%, to 20,712.39.

On BSE, so far 35.06 lakh shares were traded in the counter, compared with an average volume of 25.31 lakh shares in the past one quarter.

The stock hit a high of Rs 12.07 and a low of Rs 11.53 so far during the day. The stock hit a 52-week high of Rs 26.90 on 6 February 2013. The stock hit a record low of Rs 5.72 on 28 August 2013.

The stock had outperformed the market over the past one month till 8 January 2014, rising 22.85% compared with the Sensex's 1.27% fall. The scrip had also outperformed the market in past one quarter, rising 74.48% as against Sensex's 3.73% rise.

The small-cap company has an equity capital of Rs 483.41 crore. Face value per share is Rs 2.

Recent gains in Suzlon Energy shares were triggered by a media report that lenders of the company have agreed to a settlement in relation with a $200 million default that took place in October 2012. According to the report, holders of Suzlon's foreign currency convertible bonds (FCCBs) have decided not to move court after the firm agreed to issue fresh five-year bonds worth $500 million.

Suzlon Energy reported a consolidated net loss of Rs 782.37 crore in Q2 September 2013, lower than net loss of Rs 807.74 crore in Q2 September 2012. Net sales declined 16.4% to Rs 4769.35 crore in Q2 September 2013 over Q2 September 2012.

The Suzlon Group is ranked as the world's fifth largest wind turbine supplier, in terms of cumulative installed capacity and marketshare, at the end of 2012. The company's global spread extends across Asia, Australia, Europe, Africa and North and South America with over 22,500 MW of wind energy capacity installed, operations across over 30 countries.

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