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Suzlon Energy gains over 50%, GVK Power rises 30% in two days

Suzlon Energy moved higher by 26 per cent to Rs 5.60 on the BSE in intra-day trade on Friday, surging 53 per cent in the past two trading days from a level of Rs 3.65 on Wednesday.

SI Reporter  |  Mumbai 

Suzlon Energy gains over 50%, GVK Power 30% in two days

Shares of Suzlon Energy and GVK Power & Infrastructure rallied by up to 26 per cent on Friday in an otherwise subdued market. In comparison, the S&P BSE Sensex was down 0.09 per cent at 35,867 points at 12:45 pm.

Suzlon Energy moved higher by 26 per cent to Rs 5.60 on the BSE in intra-day trade today, surging 53 per cent in the past two trading days from a level of Rs 3.65 on Wednesday. The trading volumes on the counter more than doubled with a combined 97.39 million equity shares changed hands on the NSE and BSE so far.

On February 20, 2019, the rating agency CARE said that at the request of Suzlon Energy, CARE has withdrawn its rating assigned to the proposed commercial paper issue of the Company since the Company has neither placed the proposed commercial paper issue nor intends to do so.

The stock of renewable power solutions provider Suzlon Energy hit a record low of Rs 2.70 on February 5, plunging 43 per cent in intra-day trade on debt default rumours. However, the company clarified that none of the shares of the promoters held in the company have been invoked.

Suzlon Energy while announcing December quarter results on February 7 announced that the company is working on various measures including but not limited to the sale of a business line, raising equity capital and refinancing of certain debt, and based thereon the management is confident of raising adequate resources to meet its financial obligations In foreseeable future.

Shares of GVK Power & Infrastructure were locked in upper circuit of 20 per cent at Rs 7.38, gaining 31 per cent in the past two trading days from Rs 5.63 on the BSE. The trading volumes on the counter soared an over 10-fold with a combined 16.45 million equity shares changed hands on the NSE and BSE.

According to The Economic Times report, Adani Group has made a formal offer to buy out the 23.5 per cent held by two South African firms in Mumbai airport.

“As informed to you earlier on several occasions, we keep exploring various options to develop our business in different verticals and also for the ultimate benefit of our stakeholders. As and when any such options come to a meaningful conclusion and approved by our Board, we will first inform the regulatory authorities,” GVK Power said in a regulatory filing on February 19.

The company made a clarification with reference to news appeared in economictimes.indiatimes.com dated February 19, 2019, quoting "Three in race to pick stake in GVK's airport holding company."


First Published: Fri, February 22 2019. 13:11 IST
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