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Saturday, September 22, 2012

Suzlon Energy Ltd
CMP: Rs.17.25
Book Value: Rs.30.93
Market Cap: Rs.3065.96 Cr
Suzlon Energy Limited (SEL) is an India-based wind power company. The Company is engaged in the business of design, development, manufacturing and supply of wind turbine generators (WTGs) of a range of capacities and its components. Its operations relate sale of WTGs and allied activities, including sale/sub-lease of land, infrastructure development income; sale of gear boxes, and sale of foundry and forging components. Others primarily include power generation operations. Suzlon Energy Ltd is the  world's fifth-largest wind turbine maker.
Suzlon Energy Ltd is not only looking bullish on the charts but also fundamentally, and it seems the stock has already formed a temporary bottom. There are a slew of positive news which could catapult the scrip of Suzon Energy Ltd to move above Rs.30-31 in the coming days; if the government continues with its reform process. Let us observe some of the fundamental triggers:
(i) Suzlon Group subsidiary REpower Systems SE and WSB neue Energien GmbH signed a contract for the delivery and construction of 22 REpower MM92 wind turbines. REpower Systems Polska has been operating on the Polish market, since 2010 and since then has sold wind farms with a power otput totally more than 200MW. signed 45 mw contract for poland very shortly. This is the biggest ever project in Poland.
(ii) An appreciating rupee is positive for all the FCCB holders, as their interest cost would go down significantly. Moreover, the company has issued separate notices, to convene meeting of the holders of the October, 2012 Zero Coupon Bonds and the October 2012 Interest Bearing Bonds for extension of the Maturity dates of each series of the Bonds from 11th October, 2012 to 11th February, 2013 (a four month window). The meetings of the holders of the Bonds are proposed to be held on 10th October, 2012.  Earlier July,  Suzlon Energy redeemed its FCCBs liabilities of $360 million in cash through various instruments after raising cash through sale of non critical assets, debt and internal accruals.
(iii) Suzlon Group's subsidiary REpower Systems SE signed a contract at HUSUM WindEnergy 2012 with the Austrian operator Windkraft Simonsfeld AG for the delivery of eight 3.2M114 wind turbines, only few days back. 

(iv) The Union Cabinet is scheduled to consider a bailout package for its ailing power distribution companies (DISCOMS). It is speculated that the government could recast 50% of the debts of State electricity boards. According to media report: 50% loans will be taken over by the states, the other 50% to be rescheduled by the lenders. One of the key details in the proposal is the three year transitional finance mechanism (TFM) which essentially means the package will fund the operational losses of the state electricity boards whose loans, short-term liabilities are going to be restructured. This is positive for Suzlon Ltd, as it is related to the power sector.