Inox Wind shares close higher as firm receives Rs 900 cr from promoter to go debt-free
Market cap of Inox Wind rose to Rs 20,469 crore on BSE. The stock has gained 286.80% in one year and risen 20% since the beginning of this year.
- Jul 4, 2024,
- Updated Jul 4, 2024 4:44 PM IST
Shares of Inox Wind ended 10% higher on Thursday after the firm said it would utilize the Rs 900 crore funds infused by its promoter Inox Wind Energy Limited (IWEL) to completely pare down its external term debt, achieving a net debt free status.
Inox Wind shares ended 10.29% higher at Rs 157 against the previous close of Rs 142.35 on BSE. Market cap of Inox Wind rose to Rs 20,469 crore on BSE. The stock has gained 286.80% in one year and risen 20% since the beginning of this year.
Total 32.66 lakh shares of the firm changed hands amounting to a turnover of Rs 51.63 crore on BSE.
Inox Wind shares have a beta of 1.1, indicating high volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 47.4, signaling it's trading neither in the overbought or oversold zone. The stock stands higher than the 5 day, 10 day, 20 day, 30 day , 50 day, 100 day , 150 day and 200 day moving averages.
On the other hand, shares of promoter company Inox Wind Energy ended 5% higher at Rs 7562.20 against the previous close of Rs 7202.15 on Thursday.
In a filing to BSE, Inox Wind said promoter IWEL has completed the Rs 900 crore capital infusion today. The funds were raised by IWEL on May 28, 2024, via sale of equity shares of Inox Wind through block deals on the stock exchanges, the company said adding that the block deals saw participation of several marquee investors.
CEO Kailash Tarachandani said: "It has been a remarkable journey so far. This fund infusion will help us become a net debt free company, strengthening our balance sheet and help accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further."
Tarachandani said with all the building blocks in place, be it his company's execution capabilities, state-of-the-art technological offerings, financial strength, robust order book and a large order pipeline, Inox Wind are geared up to embark on a substantial growth journey ahead.
Shares of Inox Wind ended 10% higher on Thursday after the firm said it would utilize the Rs 900 crore funds infused by its promoter Inox Wind Energy Limited (IWEL) to completely pare down its external term debt, achieving a net debt free status.
Inox Wind shares ended 10.29% higher at Rs 157 against the previous close of Rs 142.35 on BSE. Market cap of Inox Wind rose to Rs 20,469 crore on BSE. The stock has gained 286.80% in one year and risen 20% since the beginning of this year.
Total 32.66 lakh shares of the firm changed hands amounting to a turnover of Rs 51.63 crore on BSE.
Inox Wind shares have a beta of 1.1, indicating high volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 47.4, signaling it's trading neither in the overbought or oversold zone. The stock stands higher than the 5 day, 10 day, 20 day, 30 day , 50 day, 100 day , 150 day and 200 day moving averages.
On the other hand, shares of promoter company Inox Wind Energy ended 5% higher at Rs 7562.20 against the previous close of Rs 7202.15 on Thursday.
In a filing to BSE, Inox Wind said promoter IWEL has completed the Rs 900 crore capital infusion today. The funds were raised by IWEL on May 28, 2024, via sale of equity shares of Inox Wind through block deals on the stock exchanges, the company said adding that the block deals saw participation of several marquee investors.
CEO Kailash Tarachandani said: "It has been a remarkable journey so far. This fund infusion will help us become a net debt free company, strengthening our balance sheet and help accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further."
Tarachandani said with all the building blocks in place, be it his company's execution capabilities, state-of-the-art technological offerings, financial strength, robust order book and a large order pipeline, Inox Wind are geared up to embark on a substantial growth journey ahead.