Suzlon Energy share price today: Shares of Suzlon Energy Ltd slipped over 4% on Monday after the renewable energy provider said it has received an Income Tax demand of Rs 1.01 crore for FY17 from the Ahmedabad Income Tax Department. The multibagger stock slipped 4.43% to Rs 59.21 against the previous close of Rs 61.96 on BSE. Market cap of the firm slipped to Rs 80,915 crore. The demand relates to a penalty imposed for the disallowance of late payments related to employee contributions to PF/ESI during FY 2016-17, the company said in an exchange filing.
The company plans to appeal against the penalty and remains confident of achieving a favorable outcome.
Suzlon Energy stock has climbed 46% in a year and gained 481% in two years. The multibagger stock clocked a turnover of Rs 34.89 crore as 57.83 lakh shares changed hands on BSE in today’s session.
The stock rose to a 52 week high of Rs 86.04 on September 12 this year and fell to their 52-week low of Rs 35.49 on March 14, 2024. Suzlon Energy shares have a beta of 1, indicating average volatility in a year.
Shares of Suzlon Energy are trading lower than their 5 day, 10 day, 30 day, 20 day, 50 day, 100 day 150 day and 200 day moving averages.
In a related development last week, Suzlon Energy said the Income Tax Appellate Tribunal (ITAT) has cancelled a penalty of Rs 87.59 crore imposed by the National Faceless Penalty Centre (I-T department) for certain disallowances during the financial year 2015-16. On December 30 too, ITAT nullified a tax penalty order worth Rs 172.76 crore.
Seperately, Suzlon on December 31 said CRISIL upgraded its ratings for second time in a year. CRISIL Ratings has upgraded its credit rating to ‘CRISIL A’ with a Positive Outlook, underscoring the company’s robust performance and improved profitability.
"This marks the second rating upgrade by CRISIL in 2024, reflecting Suzlon’s strong operational efficiencies, disciplined financial management, and consistent quarter-on-quarter growth. Earlier this year, CRISIL had assigned Suzlon a rating of ‘CRISIL A-’, which has now been further upgraded to ‘CRISIL A’ in recognition of the company’s improved financial metrics and growing opportunity in the dynamic renewable energy sector. CRISIL also assigned positive outlook reflecting possibility of WTG business outperformance on higher execution volumes," said the ratings agency.
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.