Suzlon Energy shares drop over 4% today, know why
Suzlon Energy share price today: Shares of renewable energy provider Suzlon Energy Ltd fell over 4% on Monday after it received an income tax demand of Rs 1.01 crore for FY17 from the Ahmedabad Income Tax Department.
The multibagger stock fell 4.43% to Rs 59.21 on the BSE against its previous close of Rs 61.96. The company’s market cap stood at Rs 80,915 crore. The company said in an exchange filing that the demand relates to penalty imposed for not allowing late payments relating to employee contributions to PF/ESI during FY17.
The company plans to appeal against the penalty and is confident of a favourable outcome.
Suzlon Energy stock has gained 46% in one year and 481% in two years. The multibagger stock clocked a turnover of Rs 34.89 crore on BSE in today’s session with a turnover of 57.83 lakh shares.
The stock hit a 52-week high of Rs 86.04 on September 12 this year and hit a 52-week low of Rs 35.49 on March 14, 2024. Suzlon Energy shares have a beta of 1, which indicates average volatility in a year.
Suzlon Energy shares are trading below its 5 day, 10 day, 30 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages. In a related development last week, Suzlon Energy said the Income Tax Appellate Tribunal (ITAT) has quashed a penalty of Rs 87.59 crore imposed by the National Faceless Penalty Centre (I-T department) for certain disclaimers during the financial year 2015-16. Also on December 30, the ITAT quashed a tax penalty order of Rs 172.76 crore.
Further, on December 31, Suzlon said Crisil has upgraded its rating for the second time in a year. Crisil Ratings has upgraded its credit rating to ‘Crisil A’ with a positive outlook, underlining the company’s strong performance and improved profitability. “This is the second rating upgrade by CRISIL in 2024, reflecting Suzlon’s strong operational capabilities, disciplined financial management and consistent growth quarter-on-quarter.
Earlier this year, CRISIL had assigned a rating of ‘CRISIL A-‘ to Suzlon, which has now been upgraded to ‘CRISIL A’ given the company’s improved financial metrics and the growing opportunity in the dynamic renewable energy sector. CRISIL has also assigned a positive outlook reflecting the potential for the WTG business to outperform at higher execution volumes,” the rating agency said.
Suzlon Energy is a renewable energy solutions provider. The company produces wind turbines. It offers a range of solar energy solutions, such as solar radiation assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commissioning and life cycle asset management.
