Suzlon Energy gained over 4 percent in the early trade on November 16 after it said that one of its wind turbine series got a listing from the government, paving the way for its commericialisation.
The announcement came a day after Suzlon Energy was included in the much-tracked MSCI Global Standard index in the latest rejig. The inclusion may see an inflow of $264 million, Nuvama Alternative & Quantitative Research said.
In a regulatory filing on November 16, Suzlon Energy said its S144, 3 MW - 3.15 MW wind turbine series received the Revised List of Models & Manufacturers (RRLM) Listing from the new and renewable energy ministry.
The listing marked an important milestone for the successful commercialisation of the product, as Suzlon had already installed the first prototype of the series at a hub height of 160m with a Hybrid Lattice Tubular (HLT) tower at Gondal in Gujarat, it said. The product was in the process of serial manufacturing and commercialisation.
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In Q2FY24, Suzlon Energy reported a net profit of Rs 102.29 crore, up from Rs 56.47 crore in the previous fiscal. Revenue came in at was Rs 1,417 crore against Rs 1,430 crore in the year-ago period.
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The company is net debt-free after its recent Qualified Institutional Placement, with a net cash surplus of Rs 600 crore.
In a recent interaction with CNBC-TV18, CFO Himanshu Mody said, "Now that we are cash surplus, we will be very selective about what assets do we need to divest, and at the right value, because there is no compulsion or distress on the books any longer for divestment of assets. So, we will be very selective about making those decisions."
At 10.51 am, the stock traded at Rs 41.95 on the NSE, 3.58 percent higher than the previous close.
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