The shares of Suzlon energy have rallied 20% this Monday, after SBICAP Trustees clarified that an additional equity pledge had been created in favor of Suzlon and not Adani Green Energy, taking the total equity pledged with the SBICAP Trustees to 9.92%.
"SBICAP Trustee has recently reported the creation of encumbrance over the shares held by the Promoters in the Company in favor of SBICAP Trustee in terms of Regulation 29(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Please note that inadvertently; SBICAP Trustee had mentioned the name of ‘Adani Green Energy Limited’ as the ‘Target Company’ in its reporting, instead of ‘Suzlon Energy Limited’. The said error has since been rectified," Suzlon Energy notified in an exchange filing.
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SBICAP Trustee is acting as trustees for the benefit of the REC-led consortium (comprising REC Limited and Indian Renewable Energy Development Agency Limited), who have financed the company.
The revenue of Suzlon Energy in the first quarter of F.Y 2022-23 jumped by 21% to Rs 1,378 crore versus Rs. 1,142 crores booked on a Y-o-Y basis, while the company booked a net profit of Rs 2,433 crore on the account of the conversion of financial instruments pursuant to refinancing versus a loss of Rs. 22 crores on Y-o-Y basis.
The shares of Suzlon Energy have rallied by 34.35% in January 2022 month, touching the highs of Rs. 13.10, whilst, the share price had rallied by more than 55% in the last year. From the lows of Rs. 6.40 in the mid of June 2022 to Rs. 11.70 as of today, the company has given returns of 82% in just 2 months.
The technicals of the company somewhat say that the company is forming a “U- shaped Rounding bottom” structure which indicates a short-term buy signal for the stock with a target price of Rs. 13.15 in the next few trading days.
The stock of the company has surged 4.79% today, trading currently at Rs. 11.25.
-by Gautam
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