The benchmark indexes for India The bulls experienced the Monday blues as the new week began flat, as profit-taking became apparent with the Nifty and Sensex trading down by 0.32 and 0.35 percent, respectively. The frontline indexes are slightly in the red, while the wider market indices are seeing buying, with the Nifty Midcap and Smallcap trading up 0.10 and 0.64 percent, respectively.
Suzlon Energy is one stock among these that has investors’ attention. The stock started trading at roughly Rs 9.55 and is presently trading at the day’s high of Rs 10.40, up around 10%. More astonishingly, the stock has already witnessed a total traded volume of 23.11 crore just a few hours into Monday’s trading session. This is the firm’s largest single-day volume since October 10, 2022.
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Many people are therefore surprised by this enormous jump in Suzlon Energy’s stock, but here’s why the stock is increasing in an otherwise moderately negative market.
The Board of Directors has approved the sale of the full 51.05 percent of Vayudoot Solarfarms Limited (“Vayudoot”) stock held by the Company, a subsidiary of the Company, in principle. According to the corporation, “Vayudoot has ceased to be the subsidiary of the Company” and that “the Company has finalised transfer of its whole 51.05 percent investment in Vayudoot Solarfarms Limited to Aries Renewables Private Limited on December 3, 2022.”
Vayudoot Solarfarms Limited had a net value of Rs. 24.21 crore as of March 31, 2022, and a revenue of Rs. 14.50 crore for the fiscal year that concluded on that date.
Suzlon Energy received Rs. 14.23 crores in exchange for selling its remaining stock in Vayudoot Solarfarms Limited. In the last month, the stock has increased by 26.38 percent, and during the past three years, the price of the stock has increased by more than four times.
