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Why Inox Wind share rose over 4% today

Share of Inox Wind gained 4.19% to Rs 72 against previous close of Rs 69.10 on NSE

twitter-logoBusinessToday.In | March 9, 2021 | Updated 12:47 IST
Why Inox Wind share rose over 4% today
Inox Wind share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

Inox Wind share rose over 4% today after the firm inked a binding agreement for 92 MW wind power projects with Integrum Energy. Share of Inox Wind gained 4.19% to Rs 72 against previous close of Rs 69.10 on NSE. On BSE, the stock rose 3.82% to Rs 71.90 against previous close of Rs 69.25. Inox Wind stock has risen 3.17% in two days.

The small cap share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages. The stock has gained 170% in one year and risen 13.32% since the beginning of this year. Market cap of the firm stood at Rs 1,547 crore.

Inox Wind has signed a binding agreement with Integrum Energy Infrastructure Pvt Ltd to supply, erect and commission 92 MW of wind power projects comprising 2 MW turbines with a combination of total turnkey and limited scope supply, the firm said.

Inox Wind shall supply, erect and commission the turbines at various locations in the states of Gujarat, Karnataka, Maharashtra and Tamil Nadu by Q3 of FY 22 for captive customers.

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The company said the agreement includes a turnkey order of 26 MW for which Inox Wind will provide Integrum Energy with end to end solutions from development and construction to commissioning and providing long term operations and maintenance services.

This is a repeat order from Integrum Energy within a short period of three months which consisted of a 20 MW of turnkey wind project in Karnataka, it added.

Meanwhile, Sensex was trading 367 points higher at 50,810 and Nifty gained 107 points to 15,063 in afternoon session. On a year to date basis, Sensex has risen 6.43% and Nifty has gained 7.90%.

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