Suzlon Energy Ltd. jumped 5 percent during the early session on Tuesday, 27 September, 2022 but the stock failed to hold on to this rally due to weak market sentiment and currently trading around ₹8.60, up by 1.17 percent on the NSE at 12:20 p.m.
During Tuesday’s trade, the stock opened at ₹8.70 against the previous close of ₹8.55, and then it surged to an intraday high of Rs. 9.05.
The stock touched a 52-week-high of ₹13.10 on January 18, 2022 and a 52-week-low of ₹5.90 on July 28, 2022, indicating that at the current level, the stock is trading at 45.76 percent above its 52-week low. Additionally, the stock has declined almost 19.63 percent so far this year.
On Sunday, September 25, the company announced that its board has decided for issuance of the equity shares of the company through a rights issue to eligible equity shareholders of the company, Economic Times reported.
The total number of equity shares and rights issue size is 240 crore equity shares of ₹2/- each at an issue price of ₹5/- per equity share, aggregating to ₹1,200 crore, the company stated in a regulatory filing.
The company disclosed a 5:21 rights issue. Any eligible equity shareholder will be entitled to at least one equity share if they own five or more of the eligible equity shares.
Suzlon Energy Ltd., founded in 1995, is a small-cap business with a market capitalisation of Rs. 8,369.49 crore dealing in the power industry. As of the most recent trading session, the company's stocks had a three-year return of 242 percent compared to the Nifty Midcap 100's performance of 88.92 percent.
For the quarter that concluded on June 30, 2022, the firm reported a consolidated total income of ₹1,383.47 Crore, up 20.45% from the same quarter last year and down 44.19% from the previous quarter's total income of ₹2,478.73 Crore. In the most recent quarter, the company declared a net profit after tax of ₹2,432.55 crore.
Meanwhile, FIIs increased their stake in the June quarter to 6.8 percent, up from 4.1 percent in the same quarter last year.
Suzlon Energy Limited is India's largest renewable energy solutions provider with presence in 17 countries across six continents. The company is engaged in the business of design, development, manufacturing and supply of wind turbine generators (WTGs). The Company has a strong presence across the entire wind value chain with a comprehensive range of services to build and maintain the projects, its website shows.
