Inox Wind shares slip 3% as firm wins order from Hero Future Energies

Shares of Inox Wind fell over 3% in early deals even as the leading wind energy solutions provider said it bagged an order for the supply of 210 MW of wind turbine generators from Hero Future Energies (HFE), one of the leading renewable energy players in India.

Inox Wind stock fell 3.4% intraday against the previous close of Rs 542.30 on BSE. Market cap of the firm slipped to Rs 17,591 crore on BSE.

The stock has gained 452% in one year and risen 3.33% since the beginning of this year. Total 0.20 lakh shares of the firm changed hands amounting to a turnover of Rs 1.05 crore on BSE.

The order is for IWL’s state-of-the-art 3 MW Wind Turbine Generators (WTGs), and the scope comprises of equipment supply with certain add-on services. Additionally, Inox Wind will also provide post commissioning multi-year operations & maintenance (O&M) services. The WTGs will be supplied to HFE from Q3 FY25 onwards and will be installed in South India.

Kailash Tarachandani, CEO of Inox Wind, said, "We are thrilled to announce a large repeat order of 210 MW from Hero Future Energies, a longstanding partner. This order reinforces the confidence on our 3MW WTGs, being one of the most efficient turbines in its class. The addition of this order further re-emphasizes our growth outlook."

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