High volatility in Surana Solar on Jhunjhunwala buzz

MUMBAI: Shares of Surana Solar witnessed high volatility as it pared all gains and fell 20% in intraday trade after surging nearly 19 per cent in morning trade on Wednesday on buzz that ace investor Rakesh Jhunjhunwala bought 2.56 lakh shares from open market.

The stock ended the day at Rs 44.75, down 15.65 per cent or Rs 8.30.

Narender Surana, MD, Surana Solar in an interview to ET Now said the company has not sold any shares in the market. He expects turnover of Rs 180 crore in FY16 vs Rs 125 crore, in year-ago period.

Surana expects growth of about 100 per cent for next 2-3 years.

The company plans to invest Rs 600 crore for solar power project. It plans to raise fund for power projects via debt.

Surana Solar is talks with China, German partners on solar power projects and is looking at creating SPVs for power projects.

The company manufactures solar energy systems and focuses on solar photovoltaic (SPV) modules. Its SPV modules manufacturing plant is Cherlapally, Hyderabad, India.