Inox Wind shares rise 8% ahead of meeting to consider bonus issue

Shares of Inox Wind rose 8% in early deals after the renewable energy player said the meeting of the board of directors is scheduled for April 25 to consider the issuance of bonus equity shares.

Inox Wind stock climbed 7.96% to Rs 640 against the previous close of Rs 592.80 on BSE. Market cap of the firm rose to Rs 19,962 crore on BSE.

The stock has gained 514% in one year and risen 17% since the beginning of this year. Total 0.27 lakh shares of the firm changed hands amounting to a turnover of Rs 1.69 crore on BSE.

Inox Wind shares have a beta of 0.8, indicating very low volatility in a year.

In terms of technicals, the relative strength index (RSI) of the stock stands at 64.2, signaling it's trading neither in the overbought or oversold zone. The stock is trading higher than the 5 day, 10 day, 20 day, 30 day , 50 day, 100 day , 150 day and 200 day moving averages.

Inox Wind Limited (IWL) is India’s leading wind energy solutions provider servicing IPPs, utilities, PSUs & corporate investors.