Suzlon gains on securing new order

Suzlon Energy rose 1.57% to Rs 16.20 at 11:17 IST on BSE after the company said it has secured an order from Oil India for supply of 52.50 megawatts project capacity.

The announcement was made during market hours today, 16 September 2016.

Meanwhile, the S&P BSE Sensex was up 348.12 points or 1.23% at 28,761.01.

On BSE, so far 14.56 lakh shares were traded in the counter as against average daily volume of 41.66 lakh shares in the past one quarter. The stock hit a high of Rs 16.40 and a low of Rs 16 so far during the day. The stock had hit a 52-week high of Rs 25.25 on 2 November 2015. The stock had hit a 52-week low of Rs 12.80 on 12 February 2016. The stock had underperformed the market over the past one month till 15 September 2016, sliding 3.63% compared with 0.93% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 12.12% as against Sensex's 6.31% rise.

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

The order comprises of Suzlon's latest product offerings viz. the S111 90m tubular tower and S97 120m Hybrid Tower with a rated capacity of 2.1 megawatts (MW) each. Suzlon will provide a comprehensive range of services and dedicated life cycle asset management services for an initial period of 10 years. The projects will be located at two sites, Madhya Pradesh and Gujarat. The projects are scheduled to be completed by June 2017.

On a consolidated basis, Suzlon Energy reported net loss of Rs 259.97 crore in Q1 June 2016 compared with net profit of Rs 1014.34 crore in Q1 June 2015. Net sales declined 36.2% to Rs 1649.58 crore in Q1 June 2016 over Q1 June 2015.

The Suzlon Group is one of the leading renewable energy solutions providers in the world with an international presence across 19 countries. The company has recently forayed into the solar space.

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