Inox Wind shares down 14% from one-year high level, analysts bearish
Inox Wind share price: The stock tanked 6.15 per cent to close at Rs 569. At this price, it has fallen 14.18 per cent from its one-year high value of Rs 663, a level seen on April 26, 2024.
- May 7, 2024,
- Updated May 7, 2024 4:22 PM IST
Shares of Inox Wind Ltd on Tuesday extended their fall and settled with sharp cuts. The stock tanked 6.15 per cent to close at Rs 569. At this price, it has fallen 14.18 per cent from its one-year high value of Rs 663, a level seen on April 26, 2024.
The company has recorded a consolidated net profit of Rs 38 crore in the fourth quarter ended on March 31, 2024 (Q4 FY24), as against a net loss of Rs 115 crore a year-ago.
Consolidated revenue rose multi-fold to Rs 563 crore during the January-March quarter in FY24. Inox Wind has also fixed May 18 as record date for its 3:1 bonus issue.
Technical analysts largely suggested that the stock looked 'weak' on charts. Support could be seen around the Rs 550-500 zone. On the higher side, a decisive breach above Rs 600 level is required for further upside.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Inox Wind has been in a cycle of higher highs – higher lows in the broader time frame. In the last two sessions, it has attracted intense correction and slipped nearly 10 per cent. The counter has support around the 520-500 zone, followed by Rs 450 level. On the higher end, Rs 600-630 seems a daunting task and a decisive breakthrough could only trigger further upside."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "The stock is appearing weak on daily charts. It may slip towards Rs 545 level in the near term. Resistance will be at Rs 570."
Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher, said, "The counter looked bearish. Strong support will be at Rs 530."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 550 and resistance at Rs 615. A decisive close above Rs 615 level may trigger a further upside till Rs 635. The expected trading range will be between Rs 525 and Rs 635 for a month."
As of March 2024, promoters held a 52.87 per cent stake in the company, which offers end-to-end wind power solutions.
Shares of Inox Wind Ltd on Tuesday extended their fall and settled with sharp cuts. The stock tanked 6.15 per cent to close at Rs 569. At this price, it has fallen 14.18 per cent from its one-year high value of Rs 663, a level seen on April 26, 2024.
The company has recorded a consolidated net profit of Rs 38 crore in the fourth quarter ended on March 31, 2024 (Q4 FY24), as against a net loss of Rs 115 crore a year-ago.
Consolidated revenue rose multi-fold to Rs 563 crore during the January-March quarter in FY24. Inox Wind has also fixed May 18 as record date for its 3:1 bonus issue.
Technical analysts largely suggested that the stock looked 'weak' on charts. Support could be seen around the Rs 550-500 zone. On the higher side, a decisive breach above Rs 600 level is required for further upside.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Inox Wind has been in a cycle of higher highs – higher lows in the broader time frame. In the last two sessions, it has attracted intense correction and slipped nearly 10 per cent. The counter has support around the 520-500 zone, followed by Rs 450 level. On the higher end, Rs 600-630 seems a daunting task and a decisive breakthrough could only trigger further upside."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "The stock is appearing weak on daily charts. It may slip towards Rs 545 level in the near term. Resistance will be at Rs 570."
Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher, said, "The counter looked bearish. Strong support will be at Rs 530."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 550 and resistance at Rs 615. A decisive close above Rs 615 level may trigger a further upside till Rs 635. The expected trading range will be between Rs 525 and Rs 635 for a month."
As of March 2024, promoters held a 52.87 per cent stake in the company, which offers end-to-end wind power solutions.