Share price of Suzlon Energy: Today, Suzlon Energy shares fell 4.82 percent, reaching a day low of Rs 37.95. With a market capitalization (m-cap) of Rs 53,055.06 crore, the counter had turnover of Rs 5.30 crore.
On Monday, Suzlon Energy Ltd provided an update on the combination of Suzlon Global Services Ltd, a wholly-owned subsidiary, with the company. “We refer to our letter dated May 2, 2024, submitted under Regulation 30 of the Listing Regulations, intimating that the Board of Directors of Suzlon Energy Ltd at its meeting held on May 2, 2024 has considered and approved the scheme of amalgamation involving merger by absorption of Suzlon Global Services Ltd, a wholly-owned subsidiary, with Suzlon Energy Ltd, and their respective shareholders and creditors,” the business stated.
“The company being a direct wholly-owned subsidiary, there is no requirement of obtaining any ‘No-Objection Letter’ or ‘Observation Letter’ to the scheme from the stock exchanges,” it stated.
Suzlon has provided a list of seven reasons for its reorganization effort. A stronger financial position is one of them, along with unified contracting, the removal of intercompany outstanding, effective resource utilization, streamlining group structure and the benefits of combined resources, efficiency in the operations of the Wind Turbine Generation and Operations and Maintenance (OMS) businesses, and the sharing of best practices in sustainability, safety, health, and the environment.
The supplier of renewable energy solutions added that Suzlon’s current stock structure will remain unchanged following this restructuring. The wind turbine generators’ upkeep and operation are overseen by Suzlon Global Services.
Shares of Suzlon Energy fell 4.82 percent Thursday, reaching a low of Rs 37.95 for the day. With a market capitalization (m-cap) of Rs 53,055.06 crore, the counter had turnover of Rs 5.30 crore.
Bourses Suzlon’s securities are now covered by the long-term ASM (Additional Surveillance Measure) framework, thanks to the BSE and NSE. Exchanges warn investors of high share price volatility by placing equities in either short-term or long-term ASM frameworks.
Technically speaking, the counter traded higher than the 200-day SMA but lower than the 5-day, 10-, 20-, 30-, 50-, 100-, and 150-day simple moving averages (SMAs). The relative strength index (RSI) for the stock after 14 days was 39.16. Oversold is defined as a level below 30, and overbought is defined as a value beyond 70.
Compared to a price-to-book (P/B) ratio of 15.25, the company’s stock has a negative price-to-equity (P/E) ratio of 1,301.