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Suzlon Energy gains after winning order

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Capital Market
Last Updated : Dec 11 2013 | 11:56 PM IST

Suzlon Energy rose 3.18% to Rs 9.74 at 10:31 IST on BSE after the company said its wholly-owned subsidiary, REpower Systems SE, won orders to deliver 103 wind turbines in Germany.

The announcement was made during trading hours today, 11 December 2013. Financial details of the deal were not disclosed.

Meanwhile, the BSE Sensex was down 95.28 points, or 0.45%, to 21,159.98.

On BSE, so far 12.51 lakh shares were traded in the counter, compared with an average volume of 22.74 lakh shares in the past one quarter.

The stock hit a high of Rs 9.83 and a low of Rs 9.27 so far during the day. The stock hit a 52-week high of Rs 26.90 on 6 February 2013. The stock hit a record low of Rs 5.72 on 28 August 2013.

The stock had underperformed the market over the past one month till 10 December 2013, rising 2.39% compared with the Sensex's 2.85% rise. The scrip had, however, outperformed the market in past one quarter, rising 48.90% as against Sensex's 6.29% rise.

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The small-cap company has an equity capital of Rs 483.41 crore. Face value per share is Rs 2.

REpower Systems SE, a wholly-owned subsidiary of the Suzlon Group, has signed contracts to deliver 103 wind turbines with a total capacity of over 266 megawatts (MW) for 24 community wind farm projects in the Schleswig-Holstein region of Germany. The contracts were concluded with different contractors who were previously represented by a purchasing association, Suzlon Energy said in a statement.

REpower signed a primary memorandum with the purchasing association, "Schleswig Holstein GmbH Wind", in December 2012. This memorandum assured the participants from 52 projects in Schleswig-Holstein binding conditions in a model contract. The participants could hoose the appropriate offer from the final negotiated contracts of four different manufacturers for their own location. REpower has won 55% of all potential wind turbines for itself in this process, the company said.

The projects will employ various types of turbines from the MM82 with 59 metres hub height, to the 3.2M114 with a hub height of 93 metres. 11 wind turbines of the signed projects are already in the implementation phase and are to be commissioned quickly. The other projects will be completed by 2015, it added.

Andreas Nauer CEO of REpower Systems SE: "With these contracts, we are significantly expanding our position in Northern Germany. This is only possible because we have a suitable turbine for each individual site in our product portfolio, from Lubke-Koog in the far north, to near Fehmarn in the east of Schleswig-Holstein, and also because we have the ability to implement the interests of customers optimally with our staff on site."

REpower Systems SE, a wholly-owned subsidiary within the Suzlon group, is one of the world's leading manufacturers of onshore and offshore wind turbines. The international mechanical engineering company develops, produces and markets wind turbines for almost any location - with rated outputs of 1.8 MW to 6.15 MW and rotor diameters of 82 metres to 126 metres.

Suzlon Energy reported a consolidated net loss of Rs 782.37 crore in Q2 September 2013, lower than net loss of Rs 807.74 crore in Q2 September 2012. Net sales declined 16.4% to Rs 4769.35 crore in Q2 September 2013 over Q2 September 2012.

The Suzlon Group is ranked as the world's fifth largest wind turbine supplier, in terms of cumulative installed capacity and marketshare, at the end of 2012. The company's global spread extends across Asia, Australia, Europe, Africa and North and South America with approximately 22,500 MW of wind energy capacity installed, operations across 30 countries.

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First Published: Dec 11 2013 | 10:32 AM IST

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