Suzlon Energy surged 5.89% to Rs 58.40 at 12:29 IST on BSE, on bargain hunting after the stock plunged more than 38% in the preceding eleven trading sessions.
Meanwhile, the BSE Sensex was down 322.74 points, or 2.03%, to 15,589.39.
On BSE, 1.32 crore shares were traded in the counter as against an average daily volume of 1.21 crore shares in the past one quarter.
The stock hit a high of Rs 59.60 and a low of Rs 55.60 so far during the day. The stock had hit a 52-week high of Rs 145.85 on 5 June 2009 and a 52-week low of Rs 33.05 on 12 March 2009.
The stock had tumbled 38.35% in eleven sessions to Rs 55.15 on 4 November 2009 from a recent high of Rs 89.45 on 17 October 2009.
The large-cap stock had underperformed the market over the past one month till 4 November 2009, declining 40.18% as compared to the Sensex's 7.13% fall. It had also underperformed the market in the past one quarter, falling 43.55% as compared to the Sensex's return of 0.51%.
The company's equity capital is Rs 311.34 crore. Face value per share is Rs 2.
Suzlon reported a net loss of Rs 184.91 crore in Q2 September 2009 compared with a net profit of Rs 16.98 crore in Q2 September 2008. Sales fell 72.3% to Rs 616.02 crore in Q2 September 2009 over Q2 September 2008. The company announced the results on 31 October 2009.
On a consolidated basis, the net loss widened to Rs 355.52 crore in Q2 September 2009 from Rs 22.84 crore in Q2 September 2008. Total income declined 30.85% to Rs 4855.47 crore in Q2 September 2009 over Q2 September 2008.
The company's order book as on 30 October 2009 stands at Rs 8,285 crore, which is 1.15 times its sales of Rs 7235.58 crore for the year ended March 2009, giving strong revenue visibility.
Suzlon's profit were hurt as the company got fewer orders this year because major economies are struggling with last year's financial crisis. Suzlon said its order book stood at 1,488 megawatts (MW), with 1,365 MW in international orders and 123 MW in domestic orders.
For the current fiscal year that end on March 2010, the company revised its full year guidance to a range of 1,900 MW to 2,100 megawatts.
During Q2 September 2009, Suzlon completed and commissioned a 19.5 MW wind farm project for Gujarat Mineral Development Corporation (GMDC) in Rajkot, Gujarat. The project comprises 13 units of Suzlon's 1.5 MW wind turbines and was commissioned in record time, it said.
Promoters have pledged 35.76 crore shares representing 22.97% of the equity capital of the company. Total promoters shareholding in the company is 53.08% (as on September 2009).