Shares of Suzlon Energy will be in focus on Thursday (July 18) after the provider of renewable energy solutions said office of the Commissioner of Customs has imposed a penalty upon the company. The company shall prefer an appeal against the order in due course of time, it said in a communication to bourses. The announcement made within the last 15 mins of trade on Tuesday. The stock market is closed on account of Muharram on July 17, Wednesday.
Suzlon Energy stock ended 2.27% higher at Rs 55.87 today against the previous close of Rs 54.63 on BSE. Total 91.83 lakh shares of Suzlon Energy changed hands amounting to a turnover of Rs 50.75 crore on BSE. Suzlon Energy's market cap climbed to Rs 76,122 crore on BSE.
In a communication to bourses, Suzlon said it has received a Rs 15.54 crore demand from the Office of the Commissioner of Customs, Maharashtra.
"Order-In-Original No.80/2024-25/Commr/NS-V/CAC/JNCH dated 3rd July 2024 passed by the Commissioner of Customs, NS-V, JNCH imposing redemption fine of Rs.8,00,00,000/- and a penalty of Rs.7,54,46,172/- along with applicable interest, thus aggregating to Rs.15,54,46,172/-," said Suzlon Energy.
The above demand, Suzlon said, related to "Alleging incorrect availment of benefit under Notification No.57/2017-Cus dated 30th June 2017 and benefit of IGST Sr. Nos. under notification No.01/2017-Integrate Tax (Rate) dated 28th June 2017."
The company also received another demand for Rs 4.28 crore from the Office of the Commissioner of Customs, Maharashtra
"Order-In-Original No.84/2024-25/Commr/NS-V/CAC/JNCH dated 5th July 2024 passed by the Commissioner of Customs, NS-V, JNCH imposing redemption fine of Rs.2,00,00,000/- and a penalty of Rs.2,28,50,048/- along with applicable interest, thus aggregating to Rs.4,28,50,048/-," said Suzlon Energy.
The above demand, Suzlon said, realted to "Alleging non-payment of applicable Countervailing Duty and Anti-Dumping Duty under Notification No.1/2016-Customs (CVD) dated 19th January 2016 and/or Notification No.42/2017-Cus (ADD) dated 30th August 2017 on Casting parts imported from China."
The green energy stock slipped to a 52-week low of Rs 17.43 on July 27, 2023 and rose to a 52 week high of Rs 56.45 on July 5, 2024.
Suzlon Energy shares have a beta of 0.8, indicating very low volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 63.3, signaling it's trading neither in the overbought nor in the oversold zone. Suzlon Energy stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
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.