Suzlon Energy Ltd., a leading renewable energy solutions provider, announced the resolution of a long-standing regulatory issue involving its now-dissolved subsidiary, Suzlon Wind International Ltd. The Enforcement Directorate (ED) in Hyderabad imposed a Rs 20 lakh penalty on the company for delays in realizing export proceeds for shipments completed until FY17. With this, a significant legacy matter has been concluded. Additionally, the company is preparing for its quarterly financial results, implementing trading restrictions for insiders. On the technical front, the stock exhibits a critical support-resistance structure, suggesting potential near-term price movements.

Resolution of Legacy Regulatory Issue

Penalty Imposed:
Suzlon Energy has been levied a penalty of Rs 20 lakh by the Enforcement Directorate (Hyderabad) for delays in the realization of export proceeds for shipments completed by its former subsidiary, Suzlon Wind International Ltd, during FY17.

Company’s Statement:
In its exchange filing, Suzlon confirmed that the penalty concludes a long-standing matter with the ED, providing a sense of closure to a legacy compliance issue.

Trading Window Closure Ahead of Financial Results

Insider Trading Restrictions:
As part of its corporate governance practices, Suzlon has announced the closure of its trading window for insiders in anticipation of its financial results for the quarter and nine months ending December 31, 2024.

Timeline:
The trading window will remain closed from January 1, 2025, and will reopen 48 hours after the declaration of the financial results. This measure ensures compliance with insider trading regulations.

Technical Analysis and Stock Outlook

Key Support and Resistance Levels:

Support: The stock has critical support levels in the Rs 66-63 range.
Resistance: Near-term resistance is identified at Rs 70. A decisive move above this level could trigger the next phase of a rally.
Expert Opinion:
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, noted, “A break above Rs 70 will signal the next leg of upward momentum, while Rs 63 remains a strong support level.”