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<keyword id="46212" type="General" weightage="20" keywordseo="suzlon-energy" source="Orion">Suzlon Energy</keyword> registered a 96% decline in consolidated net profit at ₹101 crore in the April-June quarter. The company had registered a consolidated net profit of ₹2,433 crore in the year-ago quarter, an investors' presentation showed. The company's net revenue in the first quarter of this fiscal also came down to ₹ 1,348 crore from ₹ 1,378 crore in the year-ago period. <keyword id="307072" type="General" weightage="20" keywordseo="girish-tanti" source="Orion">Girish Tanti</keyword>, vice-chairman, Suzlon Group, said in a statement, "With the country poised to lead decarbonisation of its economy, we are seeing renewed enthusiasm from India Inc. to drive this green energy transition." J P Chalasani, chief executive officer, Suzlon Group, said in the statement, "At Suzlon, we continue to show stable and steady growth in line with our business plan. With the fruition of our initiatives to strengthen the balance sheet and reduce debt, our focus is now on ramping up our operations to service our cumulative orders, which stand at a healthy 1,582 MW as on date." Himanshu Mody, chief financial officer, Suzlon Group, said in the statement, "Q1 of FY24 takes forward our consistent efforts to consolidate and stabilise our performance over the last few quarters. Q1 FY24 shows YoY (year-on-year) growth and an improvement in overall profitability with a steady performance on all our key parameters." After a sustained effort to reduce debt in 2022-23, which has resulted in a healthier and sustainable balance sheet for the company, our focus in FY24 remains on funding our operations and fulfilling our commitments to customers and other stakeholders, he said. "We continue to maintain strict control on costs and are in the process of further optimising our organisational structure to drive excellence and continual improvement on the strong foundation set with over the last three years," he added.

Suzlon Energy Q1 consolidated net profit slumps 96% to ₹101 crore

New Delhi, Feb 12 () Suzlon Energy on Wednesday reported widening of consolidated net loss to Rs 742.91 crore in December quarter mainly on account of lower revenues. The company had reported a net loss of Rs 40.07 crore in the year-ago period. Total income from operations declined to Rs 672.99 crore in the quarter ended on December 31, 2019, from Rs 1,112.34 crore a year ago, the company said in a filing to the BSE. Consolidated net loss for April-December rose to Rs 1,857.62 crore from Rs 1,242.55 crore in the corresponding period of 2018-19. Its consolidated net loss for 2018-19 stood at Rs 1,537.19 crore. "Our WTG (wind turbine generator) business operations continue to be at a subdued level with nominal allocation of capital as we are working towards a holistic debt resolution with the lenders consortium. Our operation and maintenance services (OMS) business continues to deliver strong profitability and high machine performance for the customers," Suzlon Energy CFO Swapnil Jain said. The forging and foundry business continues to deliver good performance and is currently earning almost 100 per cent of its revenues from external customers, he added. "Liquidity constraints continue to impede our operations, and we continue to focus on cost optimization across the board including cost of goods sold (COGS) and fixed costs. We are diligently working with our lenders towards a holistic debt resolution and fixing the capital structure," Jain said. KKS RUJ

Suzlon Energy reports widening of net loss to Rs 743 cr in Q3

<keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword>’s acquisition of <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> is the biggest ever in India, with the US-based retail giant spending <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/walmart-acquires-flipkart-for-16-bn-worlds-largest-ecommerce-deal/articleshow/64095145.cms">$16 billion</a>. But this buyout isn’t the first big takeover we’ve seen in the country. Here’s a list of some of the biggest mergers and acquisitions India has seen. Following are the top 10 acquisitions that happened in India. <ol><li>FLIPKART- WALMART: Walmart acquired 77% Flipkart for $16 billion, making it the largest acquisition involving an Indian company, in 2018.</li><li>TATA STEEL-CORUS: In 2007, <keyword id="6357147" type="COMPANY" weightage="20" keywordseo="tata-steel">Tata Steel</keyword> took over European steel major Corus for the price of $12.02 billion, making the Indian company, the world’s fifth-largest steel producer. </li><li>VODAFONE-HUTCHISON ESSAR: In 2007, the world’s largest telecom company (at the time) in terms of revenue, <keyword id="15492" type="CITY" weightage="20" keywordseo="Vodafone">Vodafone</keyword>, made an entered the Indian telecom market by acquiring a 52% stake in Hutchison Essar Ltd. Vodafone purchased 52% stake in Hutchisson Essar for about $10 billion. </li><li>HINDALCO-NOVELIS: Hindalco Industries Ltd. is a subsidiary of the Aditya Birla Group and Novelis is a world leader in the production of flat-rolled aluminum products. The <keyword id="929276" type="ORGANIZATION" weightage="20" keywordseo="Hindalco-Company">Hindalco Company</keyword> acquired the Canadian company Novelis for $6 billion, making the combined entity the world’s largest producer in rolled-aluminum.</li><li>RANBAXY-DAIICHI SANKYO: In 2008, Daiichi Sankyo Co. Ltd., signed an agreement to acquire the entire shareholders of Ranbaxy Laboratories Ltd, India. Ranbaxy’s sale to Japan’s Daiichi was priced at $4.5 billion.</li><li>ONGC-IMPERIAL ENERGY: In early 2009, Oil and Natural Gas Corp. Ltd (ONGC) took control of Imperial Energy, a UK Based firm operating in Russia for the price of $1.9 billion. </li><li>MAHINDRA &amp; MAHINDRA-SCHONEWEISS: In 2007, Mahindra &amp; Mahindra acquired 90 percent of Schoneweiss, a leading company in the forging sector in Germany. This consolidated Mahindra’s position in the global market.</li><li>STERLITE-ASARCO: In the year 2009, Sterlite Industries, a part of the <keyword id="147780" type="ORGANIZATION" weightage="20" keywordseo="Vedanta-group">Vedanta Group</keyword>, signed an agreement to acquire the copper mining company Asarco for the price of $2.6 billion. </li><li>TATA MOTORS-JAGUAR LAND ROVER: Tata Motors’ acquisition of luxury car maker Jaguar Land Rover was for the price of $2.3 billion, in 2008.</li><li>SUZLON-REPOWER: Wind Energy premier <keyword id="46212" type="ORGANIZATION" weightage="20" keywordseo="Suzlon-Energy">Suzlon Energy</keyword> acquired RePower for $1.7 billion. Suzlon Energy Limited is a wind turbine supplier based in Pune, India and RePower systems SE (now Senvion SE) is a German wind turbine company founded in 2001, owned by Centerbridge Partners. </li></ol>

Here are the top 10 acquisitions to have happened in India

<keyword id="12986909" type="General" weightage="20" keywordseo="hitachi-energy-india-ltd" source="Orion">Hitachi Energy India Ltd</keyword> (HEIL) on Tuesday posted a 79.85% jump in net profit at ₹2.41 crore in the April-June quarter of 2023-24, on account of higher income. It had posted a net profit of ₹ 1.34 crore in the corresponding period of 2022-23, the company said in a regulatory filing. The total income also increased to ₹ 1,043 crore from ₹ 991.32 crore in the year-ago quarter. Expenses soared to ₹ 1,039.62 crore in the first quarter of FY24, as against ₹ 989.21 crore a year ago. In a separate statement, company's MD and CEO N Venu said: "We remain focused on balancing our operational complexity and efficiencies to preserve the growth momentum. "While persistent delays in chips and electronics led to lower revenue in the quarter, sustained operational excellence efforts provide visibility in the near-term." In the quarter ending June 30, 2023, the company received orders worth ₹ 1,147.5 crore, up 6 %year-on-year (y-o-y). Headquartered in Switzerland, Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. In India Hitachi Energy operates under the legal entity name Hitachi Energy India Limited (formerly known as ABB Power Products and Systems India Limited).

Hitachi Energy India June quarter net profit jumps 80% on higher income

New Delhi, Apr 15 () Suzlon Energy on Wednesday said it has cancelled the extra ordinary general meeting of its shareholders scheduled to be held during the day in view of the extension of nationwide lockdown till May 3, to contain the spread of coronavirus pandemic. The extra ordinary general meeting (EGM) was originally scheduled to be held on March 24, 2020 and was subsequently postponed to April 7, 2020 and was further postponed and rescheduled to April 15. The EGM "now stands cancelled in light of extension of nationwide lockdown till May 3, 2020 in view of COVID-19 and in light of circulars issued by the Ministry of Corporate Affairs in the matter of conduct of general meetings in the current situation," the company said in a filing to BSE. Suzlon Group is a renewable energy solutions provider with a global presence across 18 countries in Asia, Australia, Europe, Africa and Americas. The Group is comprised of Suzlon Energy Ltd and its subsidiaries. SID DRR

Suzlon Energy cancels shareholders' meet amid extension of lockdown

New Delhi, Nov 20 () Wind-turbine maker Suzlon Energy on Wednesday said the company is working on a resolution plan and lenders have time till January next year to work on a sustainable resolution plan before taking any extreme steps.
 "The company is continuously working on a resolution plan with the lenders and has also submitted a restructuring plan, which envisages segregating total debt into sustainable debt and unsustainable debt," Suzlon Energy said in a filing to BSE in response to a clarification sought by the bourse on a news item.
 The filing further added that "the lenders have already signed inter-creditor agreement and have time till January 2020 to work on a sustainable resolution plan before taking any extreme steps".
 The proposed restructuring is under consideration by the lenders, it added.
 The lenders have appointed process advisors, rating agencies and other professionals for conducting techno economic viability study and ratings.
 The company is also in discussions with the foreign currency convertible bond (FCCB) holders for settlement of the FCCB borrowing, the filing said.
 Suzlon Energy had reported widening of its consolidated net loss to Rs 777.52 crore in the quarter ended September 30, 2019.
 The company had reported a net loss of Rs 625.76 crore in the corresponding quarter last fiscal, Suzlon Energy had said.
 "The Group has continued to incur losses during for the current period, primarily due to lower volumes and finance costs and the negative net worth of the Group is Rs 9,606 crores as at September 30, 2019," the company had said.
 The shares of the company were trading at Rs 2.41, up 0.84 per cent on BSE. SID DRR

Company continuously working on a resolution plan: Suzlon

The board of clean energy solution provider <keyword id="46212" type="General" weightage="20" keywordseo="Suzlon-Energy" source="Orion">Suzlon Energy</keyword> has appointed J P <keyword id="149791" type="General" weightage="100" keywordseo="chalasani" source="Orion">Chalasani</keyword> as the company's Chief Executive Officer following the resignation of <keyword id="6372540" type="General" weightage="20" keywordseo="Ashwani-Kumar" source="Orion">Ashwani Kumar</keyword> from the post. Ashwani Kumar has resigned as the CEO with effect from 5th April 2023 on account of personal reasons, a BSE filing stated. The Board of Directors, at its meeting held on 4th April 2023 has, inter alia, approved the appointment of J P Chalasani as the Chief Executive Officer and one of the key managerial personnel of the Company, to act as the Group Chief Executive Officer, with immediate effect, i.e. from 5th April 2023, the filing said. Chalasani had been Group CEO of Suzlon for the period from April 2016 to July 2020 and continued as Strategic Advisor to the Suzlon Group thereafter. Chalasani has over 40 years of experience in the public and private sector across the entire gamut of the power sector (power generation projects, transmission, distribution, trading and coal mining). Prior to his earlier stint as the Group Chief Executive Officer of the Company, Chalasani was the Group CEO and Managing Director of Punj Lloyd since January 2014 and was responsible for the energy, infrastructure and defence business for the group globally, which is close to USD 1.8 Billion. Prior to joining Punj Lloyd, Chalasani had spent over 18 years with the Reliance Group. He joined Reliance Group (undivided) as a Vice President in 1995 and worked on a number of assignments for the group. He also served as the first Chief Executive Officer and the Director on the Board of BSES Rajdhani and BSES Yamuna Power Ltd. In 2003, along with Anil Ambani, he was appointed to the Board of Reliance Infrastructure as Director Business Development. Post demerger of the Reliance Group, Chalasani was with the ADAG group. He took over as CEO of Reliance Power in March 2008, soon after the company completed its big initial public offer. Chalasani created a 10 people team to start Reliance Power and grew it to a 30,000 MW (generating, under construction and under development) company in 2013. Prior to Reliance Group, Chalasani started his career at NTPC and worked there for 15 years in various capacities, including Special Technical Assistant to the Chairman and Managing Director.

Suzlon board appoints J P Chalasani as Chief Executive Officer

<ul class="summary-list"><li>FuelCell shares fell as much as 15% Tuesday following the company's first-quarter financial report. </li><li>The <keyword id="188239" type="PERSON" weightage="60" keywordseo="alternative-energy">alternative energy</keyword> company's adjusted loss of $0.06 a share was more than Wall Street's expected loss of $0.04 a share. </li></ul><a href="https://markets.businessinsider.com/stocks/fcel-stock">FuelCell Energy shares</a> fell as much as 15% on Tuesday after the alternative energy company posted a wider first-quarter loss than Wall Street had expected. Shares pared some losses but closed lower by over 9%, at $15.42.The company posted an adjusted loss of $0.06 a share, which was wider than a loss of $0.04 a share expected in a consensus estimate produced by Zacks. The company's net loss of $0.15 a share was narrower than its loss of $0.20 a share a year earlier.The company also said its total revenue fell to $14.9 million from $16.3 million a year ago, leaving the top-line figure below the Zacks estimate of $20.25 million. There was a decline in generation revenues to $4.9 million from $5.4 million because of a temporary shut-down of several Bridgeport fuel cell project plants in Connecticut for scheduled module exchanges, the company said.FuelCell noted that its first-quarter backlog fell by 7% to $1.27 billion from $1.36 billion in the same period in 2020.The company also said it's "made tangible progress" in its decarbonization development efforts by producing <keyword id="169046" type="COMPANY" weightage="60" keywordseo="hydrogen">hydrogen</keyword> with its solid oxide electrolysis platform."Additionally, we continued to advance our joint research with ExxonMobil Research and Engineering Company on fuel cell carbon capture solutions," Jason Few, chief executive of FuelCell, said in the financial statement.

FuelCell stock drops after reporting bigger-than-expected quarterly loss

Festive season and new launches geared the passenger vehicle sales last month as car majors in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> logged sales growth last month as compared to the previous year's corresponding month. <keyword id="44883" type="General" weightage="80" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> India Limited that makes cars and also light commercial vehicles logged a total sales of 176,306 units last month, up from 86,380 units sold in September 2021. According to Maruti Suzuki, the shortage of electronic components had a minor impact on the production of vehicles, mainly in domestic models. Hyundai Motor India Ltd sold 63,201 units last month, up from 45,791 units sold in September 2021. "The PV (passenger vehicle) industry witnessed strong demand during Q2FY23 fuelled by the festive season and new launches. <keyword id="42747" type="General" weightage="80" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> scaled new highs in passenger vehicles with sales of 142,325 units during the quarter, recording a growth of 70 per cent versus Q2FY22," said Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd. He said last month, the company sold 47,654 units, up from 25,730 units sold during the corresponding month the previous year. On the other hand, the last month sales numbers for <keyword id="20630" type="General" weightage="80" keywordseo="honda" source="Orion">Honda</keyword> Cars India stood at 11,047 units, <keyword id="5985844" type="General" weightage="80" keywordseo="mg-motors" source="Orion">MG Motors</keyword> -- 3,808 units and Skoda Auto India -- 3,543 units. On its part, the <keyword id="6374528" type="General" weightage="80" keywordseo="toyota" source="Orion">Toyota</keyword> Kirloskar Motor said it had sold 15,378 units last month, logging a growth of 66 per cent. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/suzlon-energys-founder-chairman-tulsi-tanti-passes-away-due-to-cardiac-arrest/articleshow/94596261.cms">Suzlon Energy’s founder chairman Tulsi Tanti passes away due to cardiac arrest</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-5g-services-launched-in-eight-cities-the-entire-country-to-be-covered-by-2024/articleshow/94579199.cms">Airtel 5G services launched in eight cities, the entire country to be covered by 2024</a> <a href="https://www.businessinsider.in/policy/economy/news/the-fed-has-the-world-in-its-hands-and-its-aggressive-moves-are-creating-global-economic-chaos-that-could-come-back-and-hurt-the-us/articleshow/94587248.cms">The Fed has the world in its hands — and its aggressive moves are creating global economic chaos that could come back and hurt the US</a>

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Suzlon Energy Q1 consolidated net profit slumps 96% to ₹101 crore

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Suzlon Energy reports widening of net loss to Rs 743 cr in Q3

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Here are the top 10 acquisitions to have happened in India

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Hitachi Energy India June quarter net profit jumps 80% on higher income

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Suzlon Energy cancels shareholders' meet amid extension of lockdown

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Company continuously working on a resolution plan: Suzlon

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Suzlon board appoints J P Chalasani as Chief Executive Officer

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FuelCell stock drops after reporting bigger-than-expected quarterly loss

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Auto sales jump in September: Maruti reports over a 100% jump in volumes

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