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Saturday, January 12, 2013
Economic Times does it once again: It lies on Suzlon Enery Ltd:
Yesterday (11 the January, 2013), when a peice of false news was sent yesterday, by the Economics Ties, I had asked al accumualate the scrip o al dips. Here is the original news from the Business Standard:
11 th January, 2013: Suzlon Energy's stock was under pressure as it went down by over 5% in intra-day trade. It recovered later to close at Rs 19.5 per share down by 4.4%, according to data available on the Bombay Stock Exchange.
The fall has been attributed to a report that the lenders to the company have been asking them to give up its prize international asset—REpower. The demands are said to be a part of the corporate debt restructuring (CDR), which the company went into, this month.
"This has been the only development. I am not very clear on why the stock has been going up or down,” said a sector analyst of a Mumbai-based broking house. Yesterday, however the stock went up by 2%.
Suzlon has net debt of around Rs 13,000 crore. The stock has been under the cloud of this huge debt as well as the pressure of repayments of foreign currency convertible bonds.
Acquiring the German company has put Suzlon under pressure financially, and so did the country's strict regulations.
Suzlon denies any plans to exit REpower. “The company is in deep negotiations with its lenders on the CDR issue. We have been clear that we will not be giving a running commentary on these negotiations and nor will we respond to wild speculation as that will only fuel more of the same. REpower is 'the jewel in our crown' and it is by definition a critical asset and therefore is not for sale. Our position remains unchanged,” it said in a response.
Analysts believe that a CDR will give the company enough breathing time to think on its strategy to reorganise itself. The expectations on the results of the company however remain muted. “We expect another set of poor results from Suzlon as the combined impact of lower up-tick in international business and higher interest costs eroding profitability.
The company succeeded in increasing its order book recently in the domestic market, and this could be positive for the company going forward,” said a report by Kotak Securities.