Heavy buying was witnessed in this wind energy stock which gained over 250% in a year

Shares of Inox Wind Limited (IWL) gained about 4% today. The stock has witnessed heavy buying activity from investors. The company recently got a Rs 800 crore cash injection from its parent company, strengthening its financial standing. Inox Wind Energy Limited raised the funds by selling IWL shares on the stock exchange, attracting prominent investors. The money will be used to pay down the company’s existing debt, marking a key step towards profitability.

A true-blue multibagger

Inox Wind Limited has delivered multibagger returns to its shareholders in the last one year. During this period, the company’s share price surged from Rs 113.60 on December 21, 2022, to Rs 437.80 on December 21, 2023, representing an increase of over 250% in a one-year holding period. An investment of Rs 1 lakh in this company’s shares three years ago would have grown to Rs 3.5 lakh today.

Financial Performance

In Q2FY24, the company posted 246% growth in its consolidated revenue at Rs 370.64 crore compared to Rs 107.11 crore from the previous year’s corresponding quarter. The operating profit of the company stood at Rs 62.09 crore, while the PAT of the company stood at a loss of Rs 29.23 crore, from a loss of Rs 129.31 crore.

Business Overview

Inox Wind Limited is a part of the Inox Group. The company is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporations, and Retail Investors. Inox Wind Ltd is a fully integrated player in the wind energy market and provides end-to-end turnkey solutions.

Stock Price Movement

Today, the stock opened at Rs 421.80, with a high and low of Rs 444.20 and Rs 407.35, respectively. The stock closed trading at Rs 438.60, which increased by 3.96%. The stock has a 52-week high of Rs 450.85 and a 52-week low of Rs 89.60.

The stock has shown impressive growth, and investors should keep a close eye on this stock.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.