Suzlon Energy shares hit upper circuit: Two triggers behind the rally today

Shares of Suzlon Energy Ltd hit an upper circuit of 5% in the afternoon session on Wednesday. The rally in the multibagger stock was trigerred by a series of developments for Suzlon Energy. The multibagger stock hit an upper circuit of 5% at Rs 65.34 against the previous close of Rs 62.23 on BSE. 

Market cap of the green energy firm rose to Rs 89,171 crore on BSE. Suzlon Energy stock has climbed 70% in a year and gained 515% in two years. The multibagger stock clocked a turnover of Rs 49.14 crore as 76 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 higher than their 5 day, 10 day, 30 day, 200 day and lower than the 20 day, 50 day, 100 day, 150 day moving averages. 

On Tuesday, 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.  

In another development, the company informed exchanges that S Venkata Subramaniam, chief executive officer (CEO) of its wholly-owned subsidiary SE Forge Ltd, has resigned. The resignation would not affect sentiment around the stock. 

“This is to inform that S Venkata Subramaniam, the Chief Executive Officer (CEO) of SE Forge Ltd, a wholly-owned subsidiary of the company, and designated as one of the SMPs of the company, has resigned from the services with effect from close of business hours on December 31, 2024 and accordingly he will cease to be the SMP of the company from close of business hours on December 31, 2024,” Suzlon said

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.

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GST collections hit Rs 1.77 trillion in December 2024, up 7.3%: Govt

India’s goods and services tax (GST) collections rose to Rs 1.77 trillion in December, marking the tenth consecutive month of collections exceeding Rs 1.7 trillion, according to government data released on Wednesday. 

The collections in December reflect a 7.3 per cent increase compared to the Rs 1.65 trillion collected in December 2023. However, they remain below the Rs 2.1 trillion peak recorded in April 2024. The number is also lower than the Rs 1.82 trillion reported in November 2024, which marked an 8.5 per cent year-on-year growth. 

December 2024: Central, state, and integrated GST

The Central GST collection for December stood at Rs 32,836 crore, while State GST and Integrated GST contributions amounted to Rs 40,499 crore and Rs 47,783 crore, respectively. Collections from cess were reported at Rs 11,471 crore.

December 2024: Domestic transactions

Domestic transactions during the month contributed Rs 1.32 trillion, an 8.4 per cent increase compared to the same period last year. Revenues from GST on imports rose by 4 per cent year-on-year to Rs 44,268 crore. 

December 2024: Refunds issued

Refunds issued in December totaled Rs 22,490 crore, reflecting a significant 31 per cent increase over December 2023. Adjusting for refunds, net GST collections increased by 3.3 per cent year-on-year to Rs 1.54 trillion.

November GST highlights

In November, the GST collections were driven by strong revenues from domestic transactions, which grew by 9.4 percent year-on-year to Rs 1.40 trillion. Import-related GST revenues also showed a 6 per cent increase, amounting to Rs 42,591 crore.

Central GST stood at Rs 34,141 crore, while State GST and Integrated GST were reported at Rs 43,047 crore and Rs 91,828 crore, respectively. Cess collections during the month totalled Rs 13,253 crore. Refunds issued in November amounted to Rs 19,259 crore, reflecting an 8.9 per cent decline compared to the previous year. 

The steady rise in GST revenues signals improved economic performance compared to the previous quarter, despite challenges in the broader economic landscape. 

India’s economy faced a slowdown in the second quarter of the financial year, with GDP growth dipping to a seven-quarter low of 5.4 per cent, down from 6.7 per cent in the April-June period.

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Air India becomes first Indian airline to introduce in-flight Wi-Fi service on domestic routes

In a significant milestone for the aviation industry in the country, Air India announced on January 1 that it is offering in-flight Wi-Fi services on domestic routes, making it the first Indian carrier to provide internet connectivity on flights within the country. Beginning January 1, 2025, all Air India flights operated by its Airbus A350, Boeing 787-9, and select Airbus A321neo aircraft will feature in-flight Wi-Fi, available to passengers at no additional cost during the introductory period.

The new service aims to enhance travel experience by allowing passengers to stay connected during their flights, whether for leisure or business. Passengers can now browse the internet, access social media, stay updated on work, or send messages to friends and family from flights.

The move is in line with the growing demand from passengers for seamless connectivity as part of improved travel experience.

“Connectivity is now an integral part of modern travel. For some, it is about the convenience and comfort of real-time sharing, while for others, it is about greater productivity and efficiency. Whatever be one’s purpose, we are confident that our guests will appreciate having the option of connecting to the web and enjoy the new Air India experience on board these aircraft,” said Rajesh Dogra, Chief Customer Experience Officer at Air India.

The Wi-Fi service will be accessible on Wi-Fi-enabled devices including laptops, tablets, smartphones with iOS or Android operating systems. Passengers will have the convenience of connecting multiple devices simultaneously once the aircraft reaches an altitude of 10,000 feet. The functionality ensures that travellers can remain productive and entertained throughout their journey.

The rollout of in-flight Wi-Fi on domestic routes follows a successful pilot programme for international services. Air India has already been offering Wi-Fi connectivity on its Airbus A350, select Airbus A321neo, and Boeing B787-9 aircraft on long-haul flights to destinations like New York, London, Paris, and Singapore. As for domestic flights, Wi-Fi will be offered for free during the introductory period, the carrier said in a press note. Air India plans to extend the service to more aircraft in its fleet in future, enhancing connectivity for passengers across its entire network.

Passengers who wish to use Wi-Fi on Air India flights need to follow simple instructions. After enabling Wi-Fi on their device and selecting the ‘Air India Wi-Fi’ network, they will be redirected to the airline’s portal, where will need to enter their PNR number and last name to access complimentary internet service.

This new offering by Air India reflects the airline’s commitment to improving customer experience and aligning with the digital transformation of the aviation industry. As the first airline in India to provide in-flight Wi-Fi on domestic routes, Air India continues to set benchmarks in passenger comfort and convenience, paving the way for other carriers to follow suit in the near future.

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