Shares of Suzlon Energy on Monday zoomed 14 per cent after the company on Friday reported strong quarterly numbers. The company had posted consolidated net profit of ₹47.84 crore for the quarter ended June against consolidated loss of ₹263.40 crore for April-June 2016, Suzlon Energy said in a BSE filing on Friday.

According to the statement, total income from operations increased to ₹2,701.12 crore in the quarter, up from ₹1,669.66 crore a year ago.

The stock soared 13.73 per cent to settle at ₹17.40 on the BSE. During the day, it jumped 15.68 per cent to ₹17.70. On the NSE, it surged 14 per cent to close at ₹17.40.

In terms of volume, 2.07 crore shares of the company were traded on the BSE, while over 15 crore shares changed hands on the NSE.

The counter was more active in the derivative segment. Suzlon August futures closed at ₹17.50 against the previous day’s close of ₹15.30. Intraday, it surged to a high fo ₹17.80 and hit a low of ₹16.15.

Huge volume in 20-call option

The counter, however, shed 4.125 crore shares in open interest, signalling part of the rise was due to short-covering. In the option segment, 20-call option at 5.9 crore shares has the highest number of open interest, signalling that Suzlon may face strong resistance at that level.

According to FT.com, as of August 11, 2017, the consensus forecast amongst eight polled investment analysts covering Suzlon Energy advises investors to purchase equity in the company. This has been the consensus forecast since the sentiment of investment analysts improved on July 24.

Bid-based projects are expected to substantially widen the horizon of WTG (wind turbine generator) to non-windy States, thereby providing volume visibility going ahead, said HDFC Securities.

The management expects international order inflows to pick up FY18E onwards. Additionally, the company is actively pursuing value unlocking in subsidiaries (SE Forge and services business) for a sizeable reduction in debt, it added.

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