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Friday, July 19, 2024
HomeMarkets NewsSuzlon Energy Shares Rise on CRISIL Rating Upgrade. Details Here

Suzlon Energy Shares Rise on CRISIL Rating Upgrade. Details Here

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Suzlon Energy Shares Rise on CRISIL Rating Upgrade. Details Here

Suzlon Energy share price: Suzlon Group today announced that CRISIL Ratings has upgraded its ratings to ‘A‐’ with Positive Outlook in alignment with the company’s strengthened financial position, operational excellence and favourable sectoral tailwinds.

Shares of Suzlon Energy Ltd climbed in Wednesday’s trade after rating agency Crisil upgraded the company’s rating. The stock rose 1.65 per cent to hit a day high of Rs 37.70.

Suzlon Energy Group today announced that CRISIL Ratings has upgraded its ratings to ‘A‐’ with Positive Outlook in alignment with the company’s strengthened financial position, operational excellence and favourable sectoral tailwinds.

“The rating upgrade factors in, higher than expected improvement in the margins of WTG business while maintaining healthy cash flow generation from the O&M services business, and an uptick in the order book providing visibility for future revenues,” it stated.

CRISIL Ratings upgraded its ratings on the bank facilities of Suzlon Energy to ‘CRISIL A‐/Positive/CRISIL A2+’ from ‘CRISIL BBB+/Positive/CRISIL A2’.

Himanshu Mody, Chief Financial Officer, Suzlon Energy Group said, “We are delighted with bank facilities ratTgereing upgrade by CRISIL, which is aligned with our efforts to achieve financial flexibility, and indicative of the robust financial position of the company. Achieving this milestone reflects our continuous focus on sound financial management, operational excellence, and sustainable growth. By successfully repaying our term debt and improving our financial flexibility, we are better positioned to seize growing opportunities within renewable energy and continue our journey of leading the sector.”

Bourses BSE and NSE have put the securities of Suzlon Energy under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

On technical setup, the counter traded higher than the 5-day, 150-day and 200-day simple moving average (SMA) but lower than the 10-day, 20-, 30-, 50-day and 100-day SMAs. The scrip’s 14-day relative strength index (RSI) came at 38.86. A level below 30 is defined as oversold while a value above 70 is considered overbought.

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