Suzlon Energy shares soared as much as 11 per cent on Monday to hit an intraday high of Rs 19.10 amid high volumes, after the company reported a net profit of Rs 274.34 crore for the quarter ended December 2016. Suzlon Energy also reported a 76 per cent year-on-year increase in revenues.
Gujarat-based Suzlon Energy after the close of market hours last Friday reported its earnings for the three-month period to December 31, 2016. The wind turbine maker had registered a net loss of Rs 121.84 crore for the corresponding period a year ago.
"The domestic market is likely to grow in size, mainly due to the State Feed in Tariff (FIT) programs, Inter State Transmission System (ISTS) with non-windy states, and the demand to meet the Renewable Purchase Obligations (RPO). The competitive bidding process held recently will drive volume growth in the industry," Suzlon Group CEO J P Chalasani said in its regulatory filing.
Credit rating agency CARE upgraded its rating for Suzlon from 'BBB-' to 'BBB', the company said.
"The sustainability of our turnaround and growth momentum has been validated by an upgrade in credit ratings by CARE to investment grade 'BBB' from the earlier 'BBB-' to Suzlon Energy Ltd., and a provisional 'A-' credit rating to our subsidiary - Suzlon Global Services Ltd," Suzlon Group Chief Financial Officer Kirti Vagadia said.
Suzlon Energy shares saw a more than 1.59 times increase in volumes on Monday.
At 10:36 am, 9.59 million shares had changed hands compared with a two-week average of 6.5 million. Shares were trading 6.40 per cent higher at Rs 18.30 apiece on the BSE, whose benchmark Sensex index was up 0.08 per cent.
The Suzlon Group is one of the leading renewable energy solutions providers in the world with an international presence across 19 countries in Asia, Australia, Europe, Africa and North and South America.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
