Suzlon Energy stock hits 52-week high on large trade worth Rs 232 crore

The block deal seemed to have offset expected impact of the company’s order from Avikiran Solar to set up a 285 MW wind power project in Kutch being downsized to 168 MW.

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Shares of Suzlon Energy hit a 52-week high at Rs 25.85 as it saw 1 percent equity change hands in a large trade worth Rs 232 crore on August 30, Bloomberg data showed. Nearly 9 crore shares of Suzlon Energy were sold in a block deal at the NSE. The buyers and seller are not immediately known.

The block deal seemed to have offset expected impact of the company’s order from Avikiran Solar to set up a 285 MW wind power project in Kutch being downsized to 168 MW.

“Due to devastating impact of the COVID-19 pandemic and the resultant disruption of the global supply chain, the parties have decided to downsize the project,” the company said in a regulatory filing on August 29th.

At 11.00 am on the NSE, the Suzlon Energy stock was locked in an upper circuit quoting at Rs 25.85, up Rs 1.20, or 4.87 percent.

The stock had recently jumped to a 52-week high of Rs 22.85 on August 24 after the company announced winning an order from Integrum Energy Infrastructure for a 31.5 MW wind power project in Maharashtra and Karnataka.

In Q1FY24, the company reported a 2.17 percent year-on-year (YoY) decline in its revenue from operations at Rs 1,351 crore. Net profit for the quarter dropped 95.84 percent YoY to Rs 101 crore due to base effect resulting out of an exceptional item of Rs 2504.17 crore.

The operating profit margin contracted by 100 basis points on year to 15 percent.

Suzlon Energy is a renewable energy solutions provider, specialising in wind power solutions. It manufactures and installs wind turbines and allied components for both domestic and international markets.

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