Multibagger green energy stock hits record high on nod to merger with parent firm

Shares of Inox Wind Energy Ltd hit all-time high of Rs 2150 today after the company’s board approved a merger with its parent company Inox Wind. Under the scheme of arrangement, 158 equity shares of Inox Wind will be issued for every 10 shares held in Inox Wind Energy. The stock zoomed 18.63% intraday against the previous close of Rs 1812.40 on BSE. Inox Wind stock has gained 26% in the last six sessions. Market cap of the firm rose to Rs 2267 crore on BSE.

The stock has gained 274% in one year and risen 112% since the beginning of this year. Total 4167 shares of the firm changed hands amounting to a turnover of Rs 85.83 lakh on BSE.

In terms of technicals, the relative strength index (RSI) of the Inox Wind Energy stock stands at 79.4, signaling it's trading in the overbought zone. Inox Wind Energy shares have a beta of 0.6, indicating low volatility in a year. Inox Wind Energy shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

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The firm reported a loss of Rs 73.69 crore in Q4 against a loss of Rs 126.57 crore in the March quarter of the previous fiscal. However, sales rose 35.65% to Rs 188.21 crore in the March 2023 quarter against Rs 138.75 crore in Q4 of the previous fiscal.

On a quarter-on-quarter basis, loss narrowed from Rs 149.63 crore in the March quarter of the previous fiscal. Sales fell 17.18% from Rs 227.25 crore in the March quarter.

Inox Wind is an India-based integrated wind energy solutions provider. The company is engaged in the business of manufacture and sale of wind turbine generators (WTGs). It also provides erection, procurement and commissioning (EPC), operations and maintenance (O&M) and common infrastructure facilities services for WTGs and wind farm development services.

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