Tulsi Tanti, the founder chairman and managing director of Suzlon Energy and a renowned expert on renewable energy, died due to cardiac arrest on Saturday evening. Tanti, 64, who was also the chairman of the Indian Wind Turbine Manufacturers Association, was on his way to Pune from Ahmedabad when he suffered a cardiac arrest, a company official said. He is survived by his daughter Nidhi and son Pranav.
Wind power major Suzlon Energy on Wednesday said it has bagged a contract from California-based Edison Mission Group for supply of 300 turbines.
Suzlon Energy, the world's fifth largest wind turbine maker, has increased stake in its German subsidiary REpower Systems to 73.71 per cent by paying euros 65 million (around Rs 447 crore) to Portugal's Martifer SGPS, which owns 22.4 per cent stake in the German wind power manufacturer.
Suzlon is also looking at South Africa as a possible manufacturing base to join the ones it already has in India, China, Germany and Brazil, but chief executive Tulsi Tanti said it was still too soon to provide further details of this.
Suzlon Energy Ltd will hit the capital market on September 23 for raising upto Rs 1500 crore (Rs 15 bilion) to expand its domestic manufacturing facilities and set up new plants in the US and China.
Suzlon Energy Ltd, one of India's largest wind turbine manufacturers, said on Monday sting Rs 1,500 crore (Rs 15 billion) to expand its manufacturing facilities with an aim to achieve over 40 per cent revenue growth this year.
In a filing to the Bombay Stock Exchange, Suzlon Energy said the board has also approved increasing the private investment limit in one of its subsidiary to 17.1 per cent for a consideration of Rs 400 crore (Rs 4 billion). However, the company did not disclose where it would deploy the funds raised.
'Selling could further intensify and take the index towards 22,800-22,750 in the near-term.'
Once declared a dud stock, Suzlon has generated stellar returns for investors thus far this calendar year. On a year-to-date (YTD) basis, Suzlon's share price has doubled investor wealth by soaring 109.35 per cent on the bourses. By comparison, the benchmark BSE Sensex has gained just 11.2 per cent.
'Retail investors, who had not seen such a massive correction in the SMID universe since COVID-19, are witnessing something like this for the first time. Panic profit booking may continue.'
The rally in the equity markets in the second half of 2023 has led to a sharp surge in the cutoff for stocks to qualify as largecaps and midcaps. On the latest list put out by the Association of Mutual Funds in India (Amfi), the smallest largecap stock now has a market capitalisation (m-cap) of Rs 67,000 crore, 35 per cent higher than in July 2023. In the case of midcaps, the cutoff has surged 26 per cent to Rs 22,000 crore.
At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows. Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Sebi pulled them up for delay in amending insider trading norms.
The fundraising through rights issues in the first 10 months of 2022 is the lowest since 2016 during a similar period.
Suzlon is the world's largest wind energy turbine maker and is listed on the Bombay Stock Exchange.
Wind energy major Suzlon Energy on Friday said its group firm in Spain has entered into a pact with EUFER to supply wind turbines to Spain and Portugal.
Suzlon Energy, which is facing consumer complaints of faulty blades supplies, has shelved plans of setting up a tower manufacturing facility and suspended the process to increase its stake in REpower of Germany, in the context of the current financial turmoil.
The Sangli Civil Court has issued an order to the police officers at Sangli asking them to provide police protection to save the Suzlon Energy company's machinery, sub-stations, vehicles, employees and windmills.
Armed with a counter offer, country's largest wind energy company Suzlon Energy is confident to acquire the German firm REpower but will refrain from getting into a bidding war if that hurts the interest of its shareholders.
Pune-based Suzlon Energy Ltd on Friday said its wholly owned subsidiary has bagged an order from China for supply of wind turbines.
Wind power major, Suzlon Energy has revised its offer price for REpower Systems to 150 Euro per share, with an acquisition of 7.7 per cent stake in the German firm.
Reliance Wind Energy, a subsidiary of Reliance Energy, on Monday said it has signed an agreement with Suzlon Energy for setting up a 150 MW wind power project, in which the Anil Dhirubhai Ambani group firm would invest Rs 900 crore (Rs 9 billion).
Corporate earnings grew in double digits during the April-June 2022 (Q1FY23) quarter but the momentum waned. Overall corporate earnings in the quarter were down sharply from their highs in FY22. The combined net profit of 2,981 listed companies across sectors in the Business Standard sample was up 22.4 per cent YoY to Rs 2.24 trillion in the June quarter, driven by a big jump in the earnings of banks, non-banking lenders, oil & producers, and FMCG companies. Also, earnings in the corresponding quarter a year ago were affected because of the second wave of the Covid pandemic, even though the numbers were a lot better than Q1FY21 when there was a nationwide lockdown.
The largest deal of this year was Centerbridge Partners LP investing $1,157 million in Senvion SE for 100% stake from Suzlon Energy.
These include Adani Enterprises, BEML, TVS Motor, KEC International, Sintex Industries, Ceat and Suzlon Energy.
Bondholders rejects the company's proposal seeking four-month extension to repay debt of nearly $221 million. Group chief financial officer Kirti Vaga expects an acceptable solution at the earliest.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The latest crisis in the form of default to bondholders can be a crippling blow.
Senvion SE will give Suzlon licence for off-shore technology for the Indian market.
The Kerala government decided to remove Suzlon Energy's windmills and other establishments from land in the Attappadi tribal area of Palakkad district, saying the company had taken the area illegally.
Says the company encroached on people's land; will decide later if two of its wind mills can continue.
A deal with Gamesa seen valuing firm at $3 billion.
European wind turbine makers interested; deal could be $1 billion. The company aims to raise about $1 billion from the sale of a 61.28 per cent stake, said two banking sources.
Suzlon Wind Energy, the North American subsidiary of India's Suzlon Energy Ltd, on Friday said it plans to generate 728 MW of clean power in the US in 2010 through nine wind farms.
Wind turbine manufacturer Suzlon Energy on Tuesday said it will raise funds through rights issue to repay its debt.
RIL, SBI and ONGC are among the top 200 companies ranked 121st, 150th and 152nd, respectively by US magazine Forbes. New entrants include Hero Honda Motors, Sun Pharma, Indian Bank and Jindal Steel and Power Ltd. However, five Indian companies -- scam-hit IT firm Satyam Computer, realty firm Unitech, Suzlon Energy and two Anil Ambani group firms Reliance Power and Reliance Capital -- have been dropped.
Tanti, who acquired Germany's REpower Systems last year, today announced plans to buy Chinese wind energy company Honiton Energy Holdings. The acquisition will be concluded through Colossus Holdings, a Singapore-based holding company of the Tanti group, and Bahrain-based private equity company Arcapita Bank for over $500 million (Rs 2,162 crore), sources said.
The US department of energy has signed a memorandum of understanding with GE Energy, Siemens Power Generation, Vestas Wind Systems, Clipper Turbine Works, Suzlon Energy and Gamesa Corporation to improve industrial wind power manufacturing capabilities, said a DoE release. US is the fastest growing wind energy market in the world with 30 per cent annual growth in the last five years and with over 25 per cent of the global installed capacity.
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