Suzlon Energy rises 4.5%

Suzlon Energy intra day, rose 4.5% to Rs.21.10 and is now at Rs.21. Its 52-week high and low stands at Rs.31.35 and Rs.14.15 respectively.

The stock is up after the company announced that it has received an additional sanction of working capital lines (substantially non-fund based) of Rs 2300 crore ($344 million) to meet its requirements for execution of sizable order backlog and pipeline.

The additional working capital will enable Suzlon to scale up its volumes. The additional working capital sanctions are over and above the existing working capital facilities of Rs 4330 crore ($644 million).

These facilities will be catalyst to help Suzlon tap the growth opportunities in Indian and international renewable energy sector, Suzlon said.