Suzlon Energy shares surge over 100% in last 1 month; up 7 percent today
- The stock has risen nearly 102 percent in the last 1 month and 40 percent in the last week
- Suzlon Energy shares were currently trading at Rs 7.95, up 6.7 percent from its previous close.
Renewable power solutions provider Suzlon Energy zoomed 194 percent from its record low of Rs 2.7, hit on February 5, 2019, in intra-day trade. Suzlon Energy shares were currently trading at Rs 7.95 per share, up 6.7 percent from its previous close on the NSE. In comparison, the Nifty50 was up 0.4 percent at 11,033. It was the most traded stock on the NSE, with over 133 million shares changing hands as of 10.35 am.
The Suzlon Energy stock has gained nearly 102 percent in the last 1 month and 40 percent in the last week.
The surge in the stock came post speculation that Danish firm Vestas Wind Systems A/S may buy a controlling stake in the company to gain a stronger foothold in India.
However, Suzlon Energy on February 22 clarified that the company is exploring multiple options for debt reduction along with its lenders. “We wish to submit that as a company, we do not comment on the market speculation,” it added.
Investors have lost a lot of money in the stock as it had plunged 99 percent from its all-time high price of Rs 469 touched in January 2008.
Suzlon Energy, while announcing December-quarter results on February 7, announced that the company is working on various measures including the sale of a business line, to raise equity capital and refinance the debt, and the management is confident of raising adequate resources to meet its financial obligations in the foreseeable future.
Source: cnbctv18
