Suzlon Energy Ltd shares hit 20% upper circuit 10.5 on the BSE in the opening trading session of Monday. The stock has been trending upward for the past few days as the counter has gained over 26% in the last five trading sessions.
Suzlon Energy In a regulatory filing dated September 5, 2022, informed that “SBIcap Trustee is acting as a trustee for the benefit of the REC-led consortium (including REC Ltd. and Indian Renewable Energy Development Agency Ltd.) who have appointed the company and some of its Has financed specified subsidiaries.
SBICAP Trustee has recently reported creation of encumbrance on the shares held by the Promoters in the Company in favor of SBICAP Trustee.
SBICAP Trustee in its reporting had mentioned ‘Adani Green Energy Limited’ as ‘Target Company’ instead of ‘Suzlon Energy Limited’. The said error has since been rectified by the SBICAP Trustee.
“In the context, we would like to clarify that SBICAP by the promoters of the company has been created in favor of the Trustee only to secure the obligations of STG to the Consortium led by REC and not in favor of anyone else nor For any other purpose. It is further clarified that there is no existing or new pledge by the promoters in favor of Adani Green Energy Limited,” Suzlon Energy said in the release.
Suzlon is a renewable energy solutions provider. The stock has risen over 69% in a span of one year while it is down around 4% so far in 2022 (YTD).
Suzlon Energy registers manifold increase in its net profit 2,432.5 crore in the June quarter over the year-ago period, helped by exceptional profit. The consolidated net profit of the company was 3.6 crore in the quarter ended 30 June 2021. The company’s total income increased by 1,383 crore in the quarter from 1,148.6 crore a year ago.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.