Stock Market today : Suzlon Energy share price gained up to 4% in the mornimg trades on Wednesday post various business updates.
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 ₹Rs.205.45 Crores. While CRISIL has upgraded Long term rating have been Upgraded from ‘CRISIL BBB- / Stable to CRISIL BBB+ / Positive. Short term rating also have been upgraded 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 Rs.260.35 Crores levied by National Faceless Penalty Centre, Income Tax Department, for the FY 2015-16 and FY 2016-17, as intimated ealier 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 days close of ₹62.23 . Suzlon Energy share price theerafter gained to intraday highs of ₹64.67, which meant gains of close to 4%
Suzlon Energy share price that has seen 52 week or 1 year highs of ₹86.03 in September 2024, had risen from lows of ₹35.49 in March 2024. Though Suzlon Energy share price has corrected from its highs now , however is still up more than six times compared to its share price that was tradig close to ₹10 a piece , two years back, at start of 2023, thereby having give 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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