The once high-flying stock of Suzlon Energy Ltd. (532667.BY) fell to a record low of 16.35 rupees Tuesday morning, following a third straight quarterly loss reported late Monday.
The once high-flying stock of Suzlon Energy Ltd. (532667.BY) fell to a
record low of 16.35 rupees Tuesday morning, following a third straight
quarterly loss reported late Monday.
The wind turbine maker lost a net 8.5 billion rupees ($152 million) between
April and June, versus a profit of 601 million rupees a year earlier.
"We are not sure whether the company will be able to turn around their
operations fast enough because of a global slowdown," said an analyst at a
Mumbai brokerage firm.
A large portion of Suzlon's wind turbine equipment is bought by consumers in
North
America
and
Europe
, but orders have lately
fallen because of slow growth in those countries.
Suzlon has lately also been hurting because of high interest costs for debt it
took a few years ago to fund ambitious growth plans.
Last month, Suzlon repaid foreign currency convertible bonds worth $360
million. It has another $209 million due on such bonds in October.
Monday, Suzlon announced plans to trim costs by 20% in the fiscal year through
March 2013 as it seeks to cut its huge debt and meet earnings guidance.
Suzlon's stock is down 58% for the past one year. In comparison, the
Bombay
stock
Exchange's benchmark 30-share Sensex has risen 4.5% over the same period.
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