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Why Suzlon shares charged up to a 30% gain

Shares in Suzlon Energy, world's fifth-largest wind turbine supplier, surged over 10 per cent on Thursday, extending a winning streak that has seen the stock gain nearly 30 per cent over the last week. Suzlon also witnessed unusual volumes with nearly 60 million shares traded in less than 1 hour of market opening.
Here's why:
  1. Suzlon's subsidiary REpower Systems has won a 350 MW order from Canada. This is the biggest project in the history of REpower.

  2. Market regulator Securities and Exchange Board of India (Sebi) has disposed of proceedings against Suzlon Energy, its chairman Tulsi Tanti and four other executives after they together paid Rs 12 lakh to settle charges related to alleged delay in amending insider trading norms. (Read full story)

  3. Last week, lenders to Suzlon Energy approved the wind turbine maker's corporate debt restructuring plan for $1.8 billion. The deal would give Suzlon, which defaulted on $200 million convertible bond redemption in October, enhanced working capital facilities by $350 million. (Read full story)

Story first published on: January 31, 2013 10:17 (IST)

Tags: Suzlon, REpower, Sebi, Tulsi Tanti

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