Inox Wind shares zoom 7% amid reports of likely block deal

Shares of Inox Wind Ltd gained 7% in early trade today amid reports that a block deal worth Rs 500 crore is likely to be executed today by the promoter entity of Inox Wind to reduce its stake in the wind energy company. The offer price for the deal will be at discount of 5 percent to the previous close. 

Inox Wind shares rose 6.90% to Rs 224.35 against the previous close of Rs 209.85 on BSE.  

In terms of technicals, the relative strength index (RSI) of the stock stands at 64.9, signaling it's trading neither in the overbought nor in the oversold zone. Inox Wind shares have a beta of 0.6, indicating very low volatility in a year. Inox Wind shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.  

The stock has gained 110% in one year and risen 99.50% since the beginning of this year. Market cap of the firm stood at Rs 7084.49 crore. 

Total 240.93 lakh shares of the firm changed hands amounting to a turnover of Rs 501.24 crore on BSE.        

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. 

Also read: Hot stocks on August 8, 2023: IRFC, RateGain Travel, Graphite India, Paytm, Inox Wind and more

Also read: Adani Ports Q1 results preview: Sales likely to grow 15-20%, profit may jump sharply