Suzlon plunges 7% despite bagging Chinese orders

Suzlon has tumbled 7% to Rs 90, after touching a high of Rs 90 and a low of Rs 97, despite winning orders of 114Mw in capacity.

Suzlon Energy said in a release issued to the BSE today that it had bagged new orders totaling to 114 Mw in capacity.

However, the positive development could not lift Suzlon's stocks up as the Power sectoral indices are among the major laggards on the BSE-30 index.

Around 13 million shares have changed hands on the BSE counter so far.

Suzlon Energy (Tianjin), a subsidiary of the Suzlon Energy has strenghthened its presence in the Chinese wind energy market with an order of 48.75 Kw.

Suzlon Energy (Tianjin) bagged another Chinese order for 50 Mw. The contract for 40 units of 1.25 Mw capacity was signed with Honiton.

However, the positive development could not lift Suzlon's stocks up as the Power sectoral indices are among the major laggards on the BSE-30 index.

The contract for 39 sets of S.64 - 1.25 Mw capacity was signed with Datang Power Generation Co. The turbines under this order are expected to be delivered and commissioned by the third quarter of financial year 2009-10.