Multibagger stock Inox Wind soars by 15% and hits fresh 52-week high today

Reason for the price action

Today, shares of Inox Wind Ltd (IWL) surged by 15% and hit a fresh 52-week high at Rs 332.40. The surge came after the company announced that its group company Inox Wind Energy Ltd (IWEL) has completed an infusion of Rs 800 crore into the company. This strategic action marks another significant milestone in IWL’s journey towards financial sustainability and profitability. On October 31, 2023, IWL’s promoter, IWEL completed the successful fund raise of Rs 800 crore through an equity share sale of IWL on the stock exchanges facilitated via block deals witnessing participation of several marquee long-only foreign and domestic investors. The funds received will be utilized to repay IWL’s existing debt.

Stock Performance

In the last trading session, the stock closed at Rs 287.85. Today, it opened at Rs 296.30 and currently it is trading at Rs 331.30, up by 15.09%. Today, shares of the company hit a 52-week high at Rs 332.40 while its 52-week low stands at Rs 89.60. The company currently boasts a market capitalization of approximately Rs 10,800 crore. Over the past six months shares of the company have given a multibagger return of 129.58%, in the same time frame BSE Industrial has changed by 40.93%. In the past one year shares of the company have given multibagger returns of 163.61%, in the same time frame BSE Industrial has changed by 57.81%.

About the company

Inox Wind Limited, a key player in India’s wind energy sector, is part of the esteemed INOXGFL Group with a legacy spanning nine decades. With cutting-edge manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh it produces integral wind turbine components boasting a capacity of 1600 MW per annum. Offering end-to-end solutions, from concept to commissioning, IWL excels in high-quality, technologically advanced WTGs, complemented by a suite of services encompassing project development, installation, and long-term operation and maintenance.

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