Multibagger green energy stock rises 6% on fresh order win, check details

Shares of Inox Wind Ltd (IWL) rose 6% in early deals today after the wind energy solutions provider said it has bagged an order for 200 MW from a renewable C&I power producer. The order is for IWL’s latest 3 MW Wind Turbine Generators (WTGs) and the scope comprises of end-to-end turnkey execution.

Inox Wind stock rose 6.66% to high of Rs 168.85 against the previous close of Rs 158.30 on BSE. Market cap of Inox Wind rose to Rs 21,310 crore on BSE. The multibagger stock has gained 281% in one year and risen 24% since the beginning of this year.

Total 5.47 lakh shares of the firm changed hands amounting to a turnover of Rs 9.03 crore on BSE. Inox Wind shares have a beta of 1.1, indicating average volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 63.4, 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 will provide post commissioning multi-year operations & maintenance (O&M) services. The project will be executed across the states of Gujarat and Rajasthan.

Kailash Tarachandani, CEO of Inox Wind said, "We are pleased to announce a large turnkey order for 200 MW. Inox Wind continues to be a preferred partner for renewable project developers given our capabilities and credentials to deliver large scale wind projects. I believe this, along with our existing order book and strong order pipeline, reinforces our commitment towards achieving substantial growth in FY25 and beyond.”

Last week, the firm said it would utilize the Rs 900 crore funds infused by its promoter Inox Wind Energy Limited (IWEL) to completely pare down its external term debt, achieving a net debt free status. 

In a filing to BSE, Inox Wind said promoter Inox Wind Energy Limited (IWEL) has completed the Rs 900 crore capital infusion. The funds were raised by IWEL on May 28, 2024, via sale of equity shares of Inox Wind through block deals on the stock exchanges, the company said adding that the block deals saw participation of several marquee investors.

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