Stocks

Suzlon Energy jumps after reporting lower Q1 loss

Reuters Bengaluru | Updated on August 16, 2019 Published on August 16, 2019

The shares of Suzlon Energy jumped as much as 8.4 per cent to ₹4.5 on Friday.

The wind power equipment maker on Wednesday posted smaller June-quarter loss of ₹337 crore ($47.25 million) vs loss of ₹573 crore a year earlier, on lower expenses. The total expenses declined by 37 per cent to ₹1,178 crore.

“On the positive side, tariffs are stabilizing and the volume growth in the long-term augur well for sustainable growth of the sector”, said Group CEO J. P. Chalasani

Around 8 million shares changed hands versus a 30-day average of 12.9 million shares. Up to the last close, Suzlon has lost 23 per cent this year, while peer Inox Wind, which posted a loss in Q1 on August 9, dipped 43 per cent.

Published on August 16, 2019
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