Suzlon Energy

Suzlon Energy Q3 PAT more than doubles to Rs 78 cr on reduced expenses

Suzlon Energy Limited on Thursday said its consolidated net profit more than doubled to Rs 78.28 crore during the December 2022 quarter, mainly due to reduced expenses. The company had clocked a net profit of Rs 36.77 crore during the October-December quarter of preceding fiscal, Suzlon Energy said in a regulatory filing. Its total income however fell to Rs 1,464 crore from Rs 1,615 crore a year ago. The expenses stood at Rs 1,386 crore in the quarter under review as against Rs 1,573 crore in the year ago quarter. In a separate statement, Girish Tanti, Vice Chairman, Suzlon Group, said: "The beginning of 2023 has been highly encouraging for the wind energy sector with a slew of crucial policy announcements. Indian wind energy is equipped and on track to contribute substantially towards India's energy transition roadmap." Ashwani Kumar, Chief Executive Officer, Suzlon Group, said: "Q3 has been a stable quarter for us. Our service business continues to do well, and our focus remains

Suzlon Energy receives shareholders' approval for top brass appointments

Suzlon Energy has received shareholders' approval to appoint Vinod R Tanti as Managing Director, Girish R Tanti as the Executive Director and Pranav T Tanti as Director. A BSE filing showed that the three resolutions to appoint Vinod Tanti as Managing Director, Girish Tanti as Executive Director and Pranav Tanti as Director are passed with the requisite majority through postal ballot. The company has sought approval from the shareholders through postal ballot notice for these appointments. These appointments appear to be a part of the process for a succession plan after the demise of its founder Chairman and Managing Director Tulsi Tanti on October 1, 2022. The shareholders at the twenty-seventh annual general meeting held on September 29, 2022, had approved the appointment of Vinod Tanti as a Wholetime Director & Chief Operating Officer of the Company from October 1, 2022, for a further term of 3 (three) years -- up to September 30, 2025. However, the notice explained that due to

Suzlon Energy posts Q2 net profit at Rs 56 crore on higher revenues

Suzlon Energy on Thursday posted a consolidated net profit of Rs 56.47 crore for September quarter 2022-23 mainly on higher revenues. In the year-ago period, it incurred a net loss of Rs 12.40 crore, a BSE filing said. Total income of the company rose to Rs 1,442.58 crore in the quarter from Rs 1,361.62 crore in the same period a year ago.

Rights issue: Lull after 3 stormy years, mop-up Rs 2,867 crore in CY22

Mop-up Rs 2,867 cr in CY22, as against Rs 25,335 cr in same period last yr

Suzlon Energy's Rs 1,200-crore rights issue oversubscribed by 1.8 times

Suzlon Energy on Thursday said that its Rs 1,200-crore rights issue has been subscribed by 1.8 times. "The (rights) issue resulted into subscription of 435.46 crore shares resulting into oversubscription by 1.8 times. The issue period was from October 11, 2022 to October 20, 2022," a company statement said. Suzlon Energy Ltd, one of India's top manufacturers in the wind component manufacturing segment as per capacity and one of the top renewable O&M service providers in India as per capacity serviced, announced the successful closure of the issue of 240 crore partly paid-up equity shares on rights basis to the eligible equity shareholders. According to the statement, the issue size was 240 crore partly paid-up equity shares for cash, at a price of Rs 5 per rights equity share (including a premium of Rs 3 per rights equity share) aggregating up to Rs 1,200 crore on a rights basis in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares. The funds raised via .

Suzlon Energy rights issue subscribed 1.8 times, stock down 3.7%

The company is issuing 2.4 billion new shares, at Rs 5 apiece, through the rights issue

Suzlon rights issue subscribed 90% a day ahead of close, stock up 20%

The company is issuing 2.4 billion new shares at Rs 5 apiece; proceeds will be used pare debt, which currently stands at Rs 3,272 crore

Sensex snaps 3-day losing streak, ends 479pts higher; Nifty reclaims 17,100

CLOSING BELL: Power majors - PowerGrid, NTPC along with FMCG and select financial shares were the major gainers in trade among the Sensex 30 on Wednesday.

Stocks to watch: HCL Tech, Wipro, Suzlon Energy, Indigo, Power Grid, REC

Stocks to watch today: HCL Technologies, Wipro will report September quarter results (Q2FY23) on Wednesday, October 12; Suzlon Energy bags 144.9 megawatt (MW) order from Aditya Birla Group

Suzlon Energy looks to pare debt by Rs 583.5 crore after rights issue

Targets repaying remaining debt in eight years; Rs 1,200 crore opened on Tuesday

Suzlon secures 144.9 MW wind power order from Aditya Birla Group

Suzlon Group on Tuesday announced that it has bagged an order for the development of 144.9 MW of wind power projects for Aditya Birla Group. "Suzlon Group, which has India's largest wind energy installed base, today announced its new order win for the development of 144.9 MW wind power projects for the Aditya Birla Group, a leading Indian Conglomerate," a statement said. Suzlon will install 69 units of wind turbine generators (wind turbines) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located at sites in Gujarat and Madhya Pradesh and is expected to be commissioned in 2023. Vinod R Tanti, Chairman and Managing Director, Suzlon Group said, "It is a matter of pride to announce our order with Aditya Birla Group. The confidence of our customers in us as a wind energy expert is very important to us". Suzlon wind turbines typically range over 70-80 per cent on domestic content and are manufactured in the country through a thriving domest

Subscription of Rs 1,200 cr rights to aid Rs 584 cr debt repayment: Suzlon

Suzlon Energy would be able to pare its debt by Rs 583.5 crore with full subscription of its Rs 1,200 crore rights issue which opened on Tuesday, the company said. "Rs 583.5 crore debt will be repaid with the assumption of full subscription of Rs 1,200 crore rights issue opened on Tuesday," Suzlon Group Chief Financial Officer Himanshu Mody said in a virtual press conference. He said the total debt of the company was Rs 3,200 crore as of June quarter 2022-23 and the company would be able to repay the remaining debt in the next eight years. Mody emphasised that the company would have much leaner, healthier and better balance sheet after the issue and there will be no decline in the promoters' holding after the issue. About an earlier instance of decline in promoter holding, he said it happened due to conversion of certain bonds (debt) into equity (under the debt restructuring plan). Earlier this month, Suzlon Energy had said its promoters had reconfirmed their participation in the

Ahead of rights issue, charts hint steady gains for Suzlon; 200-DMA is key

There is a bullish formation of a "Higher High, Higher Low" pattern on the daily chart, and only if the stock breaks the 200-DMA the trend could turn negative.

Suzlon Energy charts course to return to its pre-2007 boom days

Sailing in neck-deep debt for over a decade now, largest wind power player Suzlon Energy, which lost its charismatic founder-chairman Tulsi Tanti recently, is on a strong revival course and is confident of returning to its boom years of pre-2007. The Pune-headquartered green energy pioneer was founded in 1995 by Tulsi Tanti -- whose untimely demise on October 1 following a cardiac arrest left the firm shocked as he was driving the revival efforts. The company is on a de-leveraging spree on the back of a recent Rs 2,800-crore refinancing from state-run REC along with Ireda and a Rs 1,200-crore rights issue that opens on Tuesday. The company will repay Rs 1,000 crore to REC from the rights issue proceeds. Of the Rs 2,800 crore 20-year REC loan, only Rs 800 crore is working capital facility and is priced at 19 per cent. "Our problem is not lack of product, technology or servicing capabilities or orders. Even in our worst times we've been servicing all the turbines we installed and now

Shanghvi says will participate in Suzlon Energy's Rs 1,200-cr rights issue

The rights issue will open on October 11, closing on October 20

Suzlon appoints Vinod R Tanti as chairman and managing director for 3 years

Suzlon Energy on Friday announced the appointment of Vinod R Tanti as its Chairman and Managing Director with immediate effect for the next three years. The announcement came after demise of Suzlon Energy founder Tulsi Tanti, who was holding the position of Chairman and Managing Director, on October 1, 2022. Board of directors of the company at its meeting held on Friday has, inter alia, approved the appointment of Vinod R Tanti as the Chairman and Managing Director with immediate effect, i.e. from October 7, 2022 for a period of three years, i.e. up to 6th October 2025, according to a BSE filing. The appointment of Tanti would be subject to the approval of the shareholders at the next general meeting of the company, it stated. Consequent to his appointment as the managing director, Tanti resigned as the whole-time director and chief operating officer with immediate effect, i.e. 7th October 2022, the filing said. The board also approved the appointment of Girish R Tanti as the ...

Stocks to Watch: Suzlon, RIL, ONGC, Gas, Airtel, HFCL, Adani Enterprises

Stocks to Watch Today: Domestic oil & gas related stocks are likely to be in focus as the government reduced tax on the former, while raised prices of natural gas to record levels.

Suzlon Founder Tulsi Tanti, the man who harnessed wind, passes away at 64

Tanti had made his fortune by investing in wind energy projects in the mid-90s when renewable energy was not in fashion

Suzlon Energy founder Tulsi Tanti passes away after cardiac arrest

His death comes at a time when Suzlon Energy has just announced opening of its Rs 1,200 crore rights issue

Suzlon Energy rights issue of Rs 1,200 crore to open on October 11

Suzlon Energy on Wednesday announced opening of its Rs 1,200 crore rights issue on October 11, 2022. "Suzlon Energy Ltd announces the opening of its Rs 1,200 crore rights issue on October 11, 2022," a company statement said. According to the statement, the company will issue up to 2,40 crore partly paid-up equity shares for cash at a price of Rs 5 per share (including a premium of Rs 3 per rights equity share) aggregating up to Rs 1,200 crore. The issue will be in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares held by the eligible shareholders on the record date of October 4, 2022. The last date of on-market renunciation of rights entitlements is October 14, 2022. The promoters and promoter group have confirmed their participation and they will be fully subscribing to the extent of their rights entitlement, the statement said. The funds raised through the issue will be used for repayment or pre-payment of a portion of certain outstanding borrowings ..