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Suzlon Energy, Jindal Stainless zoom over 100% from their February lows

Suzlon Energy rallied 26% to Rs 7.52 on Tuesday on back of heavy volumes, surges 179% from its record low level of Rs 2.70 touched on February 5, 2019.

SI Reporter  |  Mumbai 

Suzlon Energy, Jindal Stainless gain more than 100% from February lows

Shares of Suzlon Energy, Jindal Stainless and Rolta India have more than doubled from their respective 52-week lows touched in February 2019.

Suzlon Energy has rallied 26 per cent to Rs 7.52 apiece on Tuesday on back of heavy volumes. Till 12:14 pm; a combined 170 million shares representing 3 per cent of total equity of the company changed hands on the NSE and BSE so far.

The stock of renewable power solutions provider zoomed 179 per cent from its record low level of Rs 2.70 hit on February 5, in intra-day trade. Suzlon Energy was under pressure on debt default rumours. However, the company clarified that none of the shares of the promoters held in the company have been invoked.

There was a rumour that a Danish firm may buy a controlling stake in the Suzlon Energy.

In this regard, Suzlon Energy on February 22 clarified that the company is exploring multiple options for debt reduction along with its lenders. However, we wish to submit that as a company, we do not comment on the market speculation, it added.

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 the foreseeable future.

Investors have lost a lot of money in Suzlon Energy as stock tanked 79 per cent from its 52-week high level of Rs 13 hit on March 1, 2018. It has plunged 99 per cent from its all-time high price of Rs 469 touched in January 2008.

Jindal Stainless soared 20 per cent to Rs 42.70 today, rallied 103 per cent in less than a month, on promoter stake hike. The stock touched a 52-week low of Rs 21 on February 7, on the BSE in intra-day trade. Abhyuday Jindal, promoter of Jindal Stainless, bought an additional 1.39 million shares of the company through an open market. Abhyuday Jindal's holding in Jindal Stainless increased to 0.36 per cent from 0.07 per cent at the end of December 2018 quarter.

The stock had corrected 79 per cent from its 52-week high level of Rs 109 touched on April 24, last year.

Rolta India locked in upper circuit of 5 per cent at Rs 7.79, surging 103 per cent from its 52-week low price of Rs 3.80 hit on February 11, 2019.

On February 26, 2019, the Hon'ble Supreme Court of India has passed an order in favour of the Rolta India restraining the banks and other creditors from taking any further action under the code and to maintain the status quo until the matter is heard and orders are passed by the Hon'ble Supreme Court.

The stock of Rolta India hit an all-time low, plunged 95 per cent from its 52-week high level of Rs 70, after lenders including Union Bank of India, Central Bank of India and others offloaded pledge shares in open market. It tanked 99 per cent from its record high price of Rs 508 in February 2000.

First Published: Tue, March 05 2019. 12:57 IST