Suzlon Power shares rise 5% as shareholders approve QIP to cut back debt

Shares of renewable power agency Suzlon Power Ltd hit higher circuit of 5% immediately after shareholders of the agency accepted the difficulty of securities to boost funds through a certified institutional placement (QIP). The inventory was caught within the higher circuit of 5% at Rs 19.56 on BSE in opposition to the earlier shut of Rs 18.63. Market cap of Suzlon Power rose to Rs 24,296 crore. Turnover and volumes have been excessive for the Suzlon Power inventory with 868.44 lakh shares altering palms amounting to a turnover of Rs 169.29 crore on BSE.

That is the fourth straight session of achieve for the inventory amid volatility within the broader market. The inventory has risen practically 9% or Rs 1.59 since Friday final week.

ALSO READ: Suzlon Power shares hit 5% higher circuit; rise for fourth session; what’s subsequent?

The inventory hit a 52-week excessive of Rs 20.80 on July 25, 2023 and a 52-week low of Rs 6.60 on October 13, 2022.

When it comes to technicals, the relative energy index (RSI) of the inventory stands at 57.4, signaling it is buying and selling neither within the overbought nor within the oversold zone. Suzlon Power shares have a beta of 1.6, indicating very excessive volatility in a yr. Suzlon Power inventory is buying and selling increased than the 5 day, 20 day, 50 day, 100 day and 200 day shifting averages.

In accordance with reviews, Suzlon Power is more likely to elevate as much as Rs 2,000 crore by promoting shares to institutional traders. The corporate will use the funds from QIP to chop debt considerably amid its ongoing efforts to show across the enterprise.

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On July 7 this yr, board of the agency had accepted QIP to boost as much as Rs 2,000 crore.

The agency introduced its Q1 earnings on July 25.

Additionally learn: Rs 302 to Rs 3,660: This energy inventory changed into a multibagger in three years; more likely to hit Rs 7,000 in a yr

Suzlon Power reported a 96 per cent fall in consolidated web revenue at Rs 101 crore within the April-June quarter in opposition to a consolidated web revenue of Rs 2,433 crore within the year-ago quarter. The corporate’s web income within the first quarter of this fiscal additionally fell to Rs 1,348 crore from Rs 1,378 crore within the year-ago interval.

ALSO READ: Rs 50 to Rs 235: This Tata group inventory changed into a multibagger in three years; purchase, promote or maintain?

Suzlon Power is a supplier of renewable power options. The corporate is a producer of wind generators. It presents a variety of photo voltaic power options, equivalent to photo voltaic irradiance evaluation, land acquisition and approvals, infrastructure and energy evacuation, provide chain, set up and fee and life cycle asset administration.

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