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Inox Wind share price jumps over 13% after SECI grants extension for Gujarat wind project

The Inox Wind shares opened with a gain of 5.77% and later climbed 13.73% to the intraday high of Rs 36.45 apiece on Monday

twitter-logo BusinessToday.In        Last Updated: November 25, 2019  | 14:33 IST
Inox Wind share price jumps over 13% after SECI grants extension for Gujarat wind project
Inox Wind shares trade higher than 5, 20 and 50-day moving averages but lower than 100 and 200-day moving averages

The shares of Inox Wind, India's leading wind energy solutions provider, climbed over 13% on Monday after the company got an extension by state-run  Solar Energy Corporation of India Limited (SECI) for the scheduled commissioning of inter-state transmission system (ISTS) connected wind power projects in Gujarat.

The Inox Wind shares opened with a gain of 5.77% and later climbed 13.73% to the intraday high of Rs 36.45 apiece on Monday. In contrast to the stock, the 'Renewable Energy' sector on BSE were trading 2.99% higher, while the BSE Sensex was up 0.84%.

Inox Wind shares trade higher than 5, 20 and 50-day moving averages but lower than 100 and 200-day moving averages.

In terms of volume, 0.28 lakh and 3 lakh shares changed hands on BSE and NSE counters. Market depth data on BSE suggests 81% buyers bidding against 19% sellers offering the stock.

"Inox Wind has been granted time extension by Solar Energy Corporation of India Limited (SECI) for the Scheduled Commissioning Date for 5 plants of 50 MW inter-state transmission system (ISTS) connected Wind Power Projects in Gujarat (SECI Tranche I) on account of delay in operationalisation of Long Term Access by the Central Transmission Utility (CTU)," company said in a BSE filing, submitted today.

Inox Wind has already commissioned 200 MW at Dayapar, Gujarat out of the total 250 MW of SECI 1 in June & July, 2019, the filing said.

"Further, SECI has also granted permission to the company to commission the balance 50 MW Project, which is already under execution," it added.

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