Suzlon Energy share price rises 4% post various business updates

Stock Market Today: Suzlon Energy share price gained up to 4% in the morning trades on Wednesday following various business updates by the company.

Rating Upgrades

Suzlong Energy post market hours on Tuesday intimated exchanges that CRISIL has upgraded the ratings of SE Forge Limited, a wholly-owned subsidiary of the company.

As per the release by Suzlon, total bank loan facilities rated by CRISIL stood at ₹205.45 crore. CRISIL upgraded the long-term rating from ‘CRISIL BBB- / Stable to CRISIL BBB+ / Positive. It also upgraded the short-term rating from ‘CRISIL A3' to ‘CRISIL A2’.

Updates on a penalty

As per Suzlon Energy's intimation to the exchanges post market hours on Tuesday, the penalty aggregating to ₹260.35 crore levied by National Faceless Penalty Centre, Income Tax Department, for the FY 2015-16 and FY 2016-17, as intimated earlier by the company, stands cancelled.

Share Price Movement

Suzlon Energy share price opened at ₹62.89 on the BSE on Wednesday, slightly higher than the previous day's close of ₹62.23. The stock price thereafter rose to intraday highs of ₹64.67, up 4%.

Suzlon Energy share price hit its 52-week high of ₹86.03 in September 2024 while it recorded a 52-week low of ₹35.49 in March 2024. Though Suzlon Energy stock has corrected from its highs, it is still up more than six times compared to its share price of close to ₹10 two years, thereby giving multibagger returns to investors.

Meanwhile, in another update, Suzlon Energy also intimated exchanges that S.Venkata Subramaniam, the Chief Executive Officer (CEO) of SE Forge Ltd, a wholly-owned subsidiary of the Company, and designated as one of the SMPs of the company, has resigned from the services with effect from close of business hours on 31st December 2024.

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