Suzlon Energy hits 52-week high on heavy volumes post Q4 results

Thus far in the calendar year 2017, the stock nearly 60% as compared to 15% rise in Sensex.

Suzlon Energy hit a 52-week high of Rs 22.25, up 8% on BSE in intra-day trade, after the company reported profit for the third quarter in a row.

The company posted profit of Rs 427 crore in the quarter ended March 2017 (Q4FY17) as against net loss of Rs 141 crore during the same quarter of last fiscal year. 

Operational income of the company during the quarter under review grew 55% to Rs 4,993 crore as compared to Rs 3,246 crore during the previous quarter ended March 2016.

Wind energy in India delivered its highest installation of 5,502 MW in FY17 registering 61% growth over 3,415 MW in FY16, Suzlon Energy said in a press release.

“A strong intent of the Government and supportive policy actions is to enhance the role of renewables in India’s energy security. In the next six years, wind energy is expected to grow at 6 GW per annum to achieve the targets,” it added.

Thus far in the calendar year 2017, the stock nearly 60% from Rs 13.82 as compared to 15% rise in the S&P BSE Sensex.

At 10:27 am; the stock was up 3.4% at Rs 21.25 as compared to 0.44% rise in the benchmark index. A combined 109 million shares have already changed hands on the counter so far as against an average around 70 million shares were traded daily in past two weeks on the BSE and NSE.