Equity Alert: Suzlon Energy likely dn; co to mull rights issue Sat
MUMBAI--9:40AM--Shares of Suzlon Energy are likely to open 1-2%
lower on
news the company will mull an 18-bln-rupee rights issue Saturday,
dealers said.
"Rights issue involves equity dilution and the stock can come down
to
175-170 rupees," said an institutional dealer.
Dealers said the counter is likely to open in line with the broad
market,
and will remain choppy on account of expiry of September futures
contract today.
"On an upside it can face resistance at 210-212 rupees," said
another
dealer, adding the stock would move in range until further details on
the
rights issue, like ratio and price, are available.
Wednesday, Suzlon Energy shares ended at 196 rupees, up over 1%
from the
previous session.
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