Comments
Shares of Suzlon Energy on Tuesday rose by 10 per cent amid reports that lenders of the wind turbine maker have agreed to restructure its debt.
Shares of the company soared over 12 per cent during the day and finally ended at Rs 17.05, up 10 per cent on the BSE.
At NSE, the stock settled at Rs 16.95, up 9.71 per cent from its previous close.
On the volume front, 129.26 lakh shares of the company changed hands on the BSE, while more than 5 crore shares were traded on the NSE.
“Buying in the stock stemmed from news of corporate debt restructuring. This may have also triggered short-covering which further pushed the stock up,” Milan Bavishi, Head Research, Inventure Growth & Securities said.
The consortium of 20 lenders led by State Bank of India has agreed to recast Rs 11,000 crore of debt of the struggling Suzlon Energy under the corporate debt restructuring (CDR) mechanism, a top Suzlon official said.
Suzlon has a debt burden of about Rs 14,000 crore
Debt-laden Suzlon Energy had posted a consolidated net loss of Rs 807.74 crore for the quarter ended September.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.