Suzlon Energy breaks three-day losing streak

Putting an end to its three-day losing streak, the share prices of wind turbine manufacturer, Suzlon Energy rose by one per cent on the bourses to Rs 19.10 during Monday’s trade.
 
The downward movement in the company’s stock price came in the wake of the company’s announcement of its wholly-owned subsidiary’s exit from the Brazil markets. The company started the procedure of winding up the operations of its Brazilian subsidiary, Suzlon Energia Eolica do Brasil Ltda (SEOB) on July 14, according to the notifications received by the exchanges.    
 
This decision by the company was taken on account of continued financial distress encountered by the operations of the subsidiary.   
 
Suzlon Energy traded at 11.4 times trailing 12-month earnings per share, while the stock recorded a return of 38 per cent in the current calender year. The stock also posted a gain of 4.7 per cent during the past 52-weeks.  
 
Suzlon Energy had reported a consolidated net profit of Rs 579 crore for the quarter ended on March FY17, a tremendous increase against a loss of Rs 334 crore in the previous financial year.  
 
On July 17, the stock opened at Rs 18.90 and hit an intraday high of Rs 19.10 and an intraday low of Rs 18.85. The stock traded flat. At 14:10 hrs IST, Suzlon Energy quoted Rs 18.95, up by 0.26 per cent.