Inox Wind share price: The stock today slumped 9.14 per cent to hit a low of Rs 134.15.Shares of Inox Wind Ltd extended their sharp fall for the second straight session in Wednesday's deals. The stock today slumped 9.14 per cent to hit a low of Rs 134.15 during early deals. At this price, it has plummeted 18.23 per cent in just two consecutive trading days.
The scrip started tumbling after it was reported that Inox Wind's promoter entity Inox Wind Energy Ltd sold up to 5 per cent stake in the company through a block deal. The transaction was likely executed at a floor price of Rs 151 apiece.
Separately, the company's Board has recently announced that it would hold a meeting on May 31 to consider and approve raising funds by way of issuance of securities through preferential or on private placement basis.
Nuvama Institutional Equities has initiated coverage on the counter, placing a 'Buy' rating with a 12-month upward target price of Rs 193. "With strong industry tailwinds in place, a deleveraged balance sheet and a robust order book, we anticipate a strong pickup in Inox Wind's performance, going forward," the brokerage stated.
"The order book has grown almost 4x versus Mar-23 to 2,656MW (Apr-24)—including a binding framework agreement with CESC for 1,500MW WTG over three–four years. New orders provide a better-margin-product mix. The entire order book constitutes 3MW sets, apart from the pending 50MW NLC India order, NTPC order 1 (200MW) and NTPC order 2 (150MW), most of which have already been executed," Nuvama further said.
On the technical front, support could be seen at Rs 135. The near-term target would be Rs 160 with the Rs 135 zone maintained as an important support level, said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
"The stock can see an upside target of Rs 170. Keep stop loss placed at Rs 125," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
Meanwhile, shares of Inox Wind rebounded from day's low price and was trading 2.64 per cent lower at Rs 143.75 in fag-end deals.
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