Suzlon spikes up 10%

Suzlon is currently the top gainer on the BSE, up 10% at Rs.24.15, its intra day high. Its 52-week high is at Rs.26.50.

The stock hit 10% on the back of its lower-than-expected loss for Q4FY14. Net loss for the quarter came in at Rs.603 crore v/s loss of Rs.1910 crore in previous Q4. Net sales shot up 53% at Rs.6650 crore, the highest over eight quarters.

The stock is also enthused by the news that the company, in current fiscal, plans to raise Rs.1000 crore through sale of non-core assets. It’s Board also approved cashless restructuring of its Foreign Currency Convertible Bonds (FCCBs) and these new restructured FCCBs will come up for maturity in July 2019.

If one may recollect, in April’14, the company announced debt recast to the tune of Rs.9500 crore and this included preferential allotment to its lenders.

The company ended FY14 with a net loss at Rs.3520 crore v/s loss of Rs.4724 crore in FY13.