Wind turbine maker Suzlon Energy has zoomed by 9% at Rs 23.95 on the BSE after the company announced that its net loss for the quarter ended 31 March narrowed to Rs603.45 crore from Rs1,912.72 crore in the year-ago period. This was achieved by cost reductions and restructuring of operations.
During the latest January-March period, the revenue increased to Rs 6,645.05 crore, the highest in the last eight quarters. In the comparable period, revenue stood at Rs 4,336.44 crore.
Also, there was news that the company is planning to raise about Rs 1,000 crore from the sale of non-core assets in this financial year. The wind energy major has already mopped up more than Rs 700 crore by selling two non-core assets. Moreover, Suzlon is exploring new markets for business opportunities, according to a top company official.
During the latest January-March period, the revenue increased to Rs 6,645.05 crore, the highest in the last eight quarters. In the comparable period, revenue stood at Rs 4,336.44 crore.
Also, there was news that the company is planning to raise about Rs 1,000 crore from the sale of non-core assets in this financial year. The wind energy major has already mopped up more than Rs 700 crore by selling two non-core assets. Moreover, Suzlon is exploring new markets for business opportunities, according to a top company official.
"We continue to work on selling non-core assets. We expect to raise around Rs 1,000 crore via sale of non-crore assets this fiscal (2014-15)," said Suzlon Group Head of Finance Kirti Vagadia. Moreover, Suzlon Energy has achieved approximately Rs 550 crore from sale of the US-based Big Sky wind farm and around Rs 173 crore by offloading stake in a Chinese manufacturing facility.
The stock opened at Rs 23.95, touched a high of Rs 24.15 and a low of Rs 23.6 on the BSE. Over 6,838,841 shares were traded on both the stock exchanges so far.