Suzlon Energy shares in news today as Crisil upgrades ratings

Shares of renewable energy solution provider Suzlon Energy Ltd will be tracked today after the Suzlon Group said CRISIL has upgraded the ratings of Suzlon Energy to 'CRISIL BBB+/A2' from ‘CRISIL BBB-/A3‘. The new ratings reflect the positive outlook for long-term and short-term facilities, reflecting the company's strengthened financial position, operational excellence and favourable sectoral tailwinds, the group said.  

Shares of Suzlon Energy ended 1.88 per cent higher at Rs 25.98 on Tuesday against the previous close of Rs 25.50. The market capitalisation of Suzlon Energy rose to Rs 35,364 crore on BSE. A total of 224.54 lakh shares of the firm changed hands amounting to a turnover of Rs 57.59 crore in the previous session.  

Market cap of the firm rose to Rs 35,264 crore. The stock has a beta of 1.9, indicating very high volatility in a year.  

In terms of technicals, the relative strength index (RSI) of Suzlon Energy stock stands at 65.6, signaling it's trading neither in the overbought nor in the oversold zone. Suzlon Energy stock stands higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. 

In a related development, Suzlon Energy said Dilip Shanghvi and Associates have terminated the agreement with the promoters of the company. 

 “Dilip Shanghvi and Associates, referred to as the 'Investor Group', who inked an amended and restated shareholders’ agreement dated February 28, 2020 with the promoters/promoter group of the company and the company, have informed the company and the other shareholders, who are party to the agreement, that the Investor Group has decided to terminate the agreement in accordance with the terms of the agreement,” Suzlon said. 

There would not be any impact on the operations of the company on account of the termination of the agreement, the company said. 

Suzlon Energy is a provider of renewable energy solutions. The company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management. 

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