Suzlon Energy surged 4.53% to Rs 15.24 at 14:10 IST on BSE after the company said it has successfully repaid in cash, foreign currency convertible bonds worth $28.8 million in principal amount, along with the applicable 8.7% redemption premium.
The announcement was made on Thursday, 14 April 2016. The stock market was closed on 14 and 15 April 2016 for holidays.Meanwhile, the S&P BSE Sensex was up 166.97 points or 0.65% at 25,793.72.
On BSE, so far 56.96 lakh shares were traded in the counter as against average daily volume of 96.53 lakh shares in the past one quarter. The stock hit a high of Rs 15.37 and a low of Rs 14.87 so far during the day. The stock had hit a 52-week high of Rs 29 on 15 April 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 13 April 2016, rising 3.4% compared with Sensex's 3.68% rise. The scrip had also underperformed the market in past one quarter, sliding 29.73% as against Sensex's 3.11% rise.
The mid-cap company has equity capital of Rs 1004.10 crore. Face value per share is Rs 2.
Kirti Vagadia, Chief Financial Officer of Suzlon Energy said that the company has redeemed, in cash, $28.8 million foreign currency convertible bonds (FCCBs) through internal accruals. Further, most of the company's remaining debt maturity profile is back ended, Vagadia said. This gives the company sufficient headroom to meet its operations and growth requirements, he added. Vagadia said that the management's efforts towards debt reduction, liquidity optimization and business ramp up are bearing tremendous results. There is a visible ramp up in the company's execution volume, order inflow and resultantly the cash flows, Vagadia said.
On consolidated basis, Suzlon Energy reported net loss of Rs 113.17 crore in Q3 December 2015, lower than net loss of Rs 6538.68 crore in Q3 December 2014. Net sales declined 61.9% to Rs 1889.29 crore in Q3 December 2015 over Q3 December 2014.
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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