Breezy and Powerful: Shares of Inox Wind climbed around 16% to a new 52-week high!

The Indian benchmark indices ended the highly volatile session slightly higher. The BSE Sensex edged up by 0.10% to 65,344 level at the close. The Nifty 50 index rose 0.12% to a level of 19,355. While the majority of sectoral indices closed the session in the red, the BSE Metals, BSE Consumer Durables and BSE Information Technology sectors were the hardest hit. 

Inox Wind Ltd, one of the top gainers in the BSE Smallcap index, kept small-cap bulls busy in an otherwise lacklustre market. On an intraday basis on Monday, shares of Inox Wind Ltd reached a 52-week high of Rs 202.80 per share on the BSE and ended the session nearly 16% higher. Shares have experienced a strong rally, soaring 35% and 100% over the last one and three months, respectively! 

Considering the company’s quarterly financial performance, on a consolidated basis it reported a considerable growth of 40.% from Rs 137.40 crore registered in Q4FY22, recording total revenue of Rs 192.77 crore in Q4FY23. When the net earnings for the fourth quarter of FY23 were compared to the same quarter last year, the net loss was reduced from Rs 255.64 crore to Rs 117.51 crore. 

Inox Wind Ltd is a part of the Inox Group, which operates in a number of businesses, including renewable energy, speciality chemicals, fluoropolymers, gases and wind turbines. The company provides wind energy solutions in India, offering multiple services to IPPs, utilities, PSUs, businesses and retail investors. It offers comprehensive solutions such as wind studies, energy evaluations, land acquisitions, site development, power evacuation, regulatory approvals and supply of wind turbine generators, erection and commissioning along with long-term operation and maintenance of the wind farms. 

Keep a close eye on this stock for the upcoming sessions!