- Hot Pursuit
Suzlon Energy gains on overseas order win
Suzlon Energy rose 1.61% to Rs 18.90 at 13:09 IST on BSE, after Suzlon Group subsidiary, REpower Systems SE, concluded a contract with wpd Europe GmbH, a subsidiary of project developer wpd AG, for the delivery of 51 wind turbines.
The announcement was made during market hours today, 17 December 2012.
Meanwhile, the BSE Sensex was down 54.56 points, or 0.28%, to 19,262.69
On BSE, 29.17 lakh shares were traded in the counter as against an average daily volume of 36.22 lakh shares in the past one quarter.
The stock hit a high of Rs 19.25 and a low of Rs 18.70 so far during the day. The stock had hit a 52-week high of Rs 32.35 on 10 February 2012. The stock had hit a 52-week low of Rs 14.75 on 31 August 2012.
The stock had outperformed the market over the past one month till 14 December 2012, rising 18.85% compared with the Sensex's 3.75% rise. The scrip had also outperformed the market in past one quarter, advancing 15.46% as against Sensex's 4.62% gain.
The small-cap company has an equity capital of Rs 355.47 crore. Face value per share is Rs 2.
As per Suzlon Energy press release, Suzlon Group wholly owned subsidiary, REpower Systems SE, has concluded a contract with wpd Europe GmbH, a subsidiary of project developer wpd AG, for the delivery of 51 wind turbines. As part of this, a service and maintenance agreement (ISP) for a total of 15 years for the new projects was also concluded, the company said in a statement.
The REpower MM92 turbines, each with a rated power of 2.05 megawatt, are intended for six projects, Whittington, Springwood, White Pines, Napier, Sumac Ridge and Fairview, to be constructed and commissioned in 2014, it said.
In order to serve its growing business presence in Canada and to meet the 50% domestic content requirement of the Green Energy Act, REpower also announced to set up a new rotor blade manufacturing facility in Southern Ontario.
Andreas Nauen, CEO of REpower Systems SE, said: The 105-megawat contract again shows that the cold climate version of our MM92 is very well suited to the conditions on the Canadian wind market. With our announcement of rotor blade production in Ontario, we are expanding our presence in Canada, a wind market with great potential, even further.
Suzlon Energy posted consolidated net loss of Rs 807.74 crore in Q2 September 2012, compared with net profit of Rs 48 crore in Q2 September 2011. Net sales rose 12.4% to Rs 5702.23 crore in Q2 September 2012 over Q2 September 2011.
The Suzlon Group is ranked as the world's fifth largest wind turbine supplier, in terms of cumulative installed capacity, at the end of 2011. The company's global spread extends across Asia, Australia, Europe, Africa and North and South America approaching 20,000 megawatt of wind energy capacity installed in 32 countries, operations across 33 countries and a workforce of approximately 13,000. The group offers one of the most comprehensive product portfolios - ranging from sub-megawatt on-shore turbines at 600 kilowatts (KW), to the world's largest commercial 6.15 megawatt offshore turbine - with a vertically integrated, low-cost, manufacturing base. The group - headquartered at Suzlon One Earth in Pune, India - comprises Suzlon Energy and its subsidiaries, including REpower Systems SE.
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