Equity Alert: Suzlon continues fall on rights issue news; down 4.4%
MUMBAI--11:50AM--Shares of Suzlon Energy extended their fall on
concerns of
equity dilution after the company Thursday said it was considering
raising
18 bln rupees via a rights issue.
At 11:25PM, shares of the wind-turbine maker were trading at
173.90 rupees,
down 4.4%. So far today, 4 mln Suzlon Energy shares have been traded
on NSE.
Thursday, the stock shed over 7% on news of the rights issue plan.
"The stock is almost at its 52-weak low of 170 rupees. So dilution
would be
higher than normal. It will impact the FY09 earnings per share," said
an analyst
with a domestic brokerage.
Analysts are awaiting details on the rights issue likely Saturday.
They
expect equity dilution of about 6-9%.
"Suzlon shares would find support at 168 rupees. However,
investors should
buy only once the share settles in a range around the support level,"
said
Imtiyaz Qureshi, technical analyst, India Capital Markets.
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