Suzlon Energy rose 2.97% to Rs 6.59 at 15:10 IST on BSE after the company said its subsidiary, REpower Systems SE, won an order to supply 24 wind turbines in France.
The company made the announcement during trading hours today, 12 September 2013.
Meanwhile, the BSE Sensex was down 229.58 points, or 1.15%, to 19,767.87
On BSE, 41.21 lakh shares were traded in the counter compared with average volume of 14.03 lakh shares in the past one quarter.
The stock hit a high of Rs 6.85 and a low of Rs 6.40 so far during the day. The stock hit a record low of Rs 5.72 on 28 August 2013. The stock hit a 52-week high of Rs 26.90 on 6 February 2013.
The stock had underperformed the market over the past one month till 11 September 2013, sliding 4.62% compared with the Sensex's 6.43% rise. The scrip had also underperformed the market in past one quarter, falling 35.22% as against Sensex's 4.46% decline.
The small-cap company has an equity capital of Rs 432.43 crore. Face value per share is Rs 2.
REpower Systems SE, a Suzlon Group subsidiary, signed a contract with Valorem for 24 wind turbines of type MM92 with 80 metres hub height and a rated power of 2 megawatts (MW) to be supplied to four windfarms located in French Picardie, Pays de la Loire and Burgundy regions. REpower will also provide the full maintenance of the windfarms for 10 years, Suzlon Energy said in a statement.
The Airaine wind farm, located in Pacardie, with a total power output of 12 MW, will be inaugurated on 19 September 2013. Work at the Pays de Retz South windfarm, located in Loire Atlantique, began recently and the commissioning is planned for autumn of this year. The 12 turbines intended of Venoy Bene and Courgis, located in Burgundy will be erected in the beginning of 2014 and the two wind farms will be commissioned in spring 2014, the company said.
Suzlon Energy said that the towers of the 24 turbines will be manufactured at the Franceole facility in the Burgundy region. Velorem's subsidiary, Vairea, coordinates civil works and electrical works. Civil works, electrical works and other services as transport are handed by French companies.
Jean-Yves Grandidier, President - Valorem said: "We are glad to renew the partnership with REpower. We already have 21 REpower turbines in operation in Western France and a good partnership is established within our companies."
Olivier Perot, Managing Director - REpower S.A.S, added: "We are pleased Valorem is continuing the business partnership with REpower for these four contracts. This highlights the quality of our service and the reliability of our turbines. Moreover, REpower is proud to contribute to the creation of activities and jobs for wind sector in France through our long-term industrial partners such as Franceole."
With total output of 48 MW, the four wind farms will cover the electricity needs of approximately 48,500 people (including heating) and offset 32,000 tons of carbon dioxide emissions annually.
Suzlon Energy reported consolidated net loss of Rs 1058.90 crore in Q1 June 2013, higher than a net loss of Rs 848.97 crore in Q1 June 2012. Net sales declined 18.9% to Rs 3851.45 crore in Q1 June 2013 over Q1 June 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.
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