Shares of Suzlon Energy Limited opened their trading session today at Rs 12.55 and currently trades at Rs 14.25, surging around 17 percent as compared to the previous closing price of Rs 12.20. The stock touched its 52-week high at Rs 14.40.
In the last one-month period, the scrip has gained more than 65 percent ranging from Rs 8.55 to the current price levels. The company has a market capitalization of Rs 16,000 crores.
Such a sharp movement in the stock prices today is observed after the company, through a regulatory filing with the BSE, informed that the company has emerged as the first Indian Wind Energy company to reach 20 GigaWatts (GW) of worldwide installations.
It operates through 12,467 wind turbines which are been installed across 17 countries. In India, the company contributes 33 percent of the country’s wind energy installations.
Suzlon Energy Limited is engaged in the business of providing renewable energy solutions. Its product portfolio comprises solar energy solutions, turbine generators & related components. The company generates a majority of its revenue from India, Canada, Europe, and the USA.
The recent financial results of the company showcase a QoQ jump in operating revenues from Rs 1,449 crores in Q3FY22-23 to Rs 1,690 crores in Q4FY22-23. In congruence with the pattern above, the net profits increased from Rs 78 crores to Rs 320 crores indicating an increase of around 310 percent.
According to the latest shareholding data available for the March 2023 quarter, Promoters of the company hold a 14.5 percent stake, and Foreign Institutional Investors (FIIs) hold a 7.64 percent stake in the company.
Written by Amit Madnani
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