Suzlon up by 10 per cent; here’s why!
What’s more striking is the fact that we are just a couple of hours into Monday’s trading session and the stock has already seen a total traded volume of 23.11 crore
The Indian benchmark indices after starting the fresh week on a flat note, the bulls started to feel the Monday blues as the profit booking emerged with Nifty and Sensex trading down by 0.32 and 0.35 per cent, respectively. Though the frontline indices are trading mildly in negative terrain, buying is witnessed in the broader market indices with Nifty Midcap and Smallcap trading up by 0.10 and 0.64 per cent, respectively.
Amidst all this, one stock which has caught investors’ fancy is Suzlon Energy. The stock opened around level of Rs 9.55 and currently is trading at the day’s high of Rs 10.40, up by nearly 10 per cent. What’s more striking is the fact that we are just a couple of hours into Monday’s trading session and the stock has already seen a total traded volume of 23.11 crore, which happens to be its highest single day volume since October 10, 2022.
So, many are taken by surprise by this gigantic move in the stock of Suzlon Energy but here’s why the stock is scaling higher in otherwise a mildly negative market.
The Broad of Directors have given in-principle approval for sale of entire 51.05 per cent shareholding held by the Company in Vayudoot Solarfarms Limited (“Vayudoot”), the subsidiary of the Company. The company said “this is to inform that the Company has completed transfer of its entire 51.05 per cent shareholding in Vayudoot Solarfarms Limited to Aries Renewables Private Limited on December 3, 2022 and accordingly Vayudoot has ceased to be the subsidiary of the Company.”
The turnover of Vayudoot Solarfarms Limited for the financial year ended March 31, 2022 was Rs.14.50 crore and net worth as on March 31, 2022 was Rs.24.21 crore.
Suzlon Energy sold its balance stake in Vayudoot Solarfarms Limited for a consideration of Rs.14.23 Crores. The stock is up by 26.38 per cent in the last one month and in the last three years the stock has witnessed a growth of more than fourfold rise in the stock price.
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