Inox Wind hits 52-week high, stock rallies over 8%

At 10 am, Inox Wind shares were trading at Rs 234.10, up by 8.83% from its previous closing of Rs 215.00 on the BSE.

Inox Wind’s (IWL) customer, NTPC Renewable Energy (NTPC REL) has successfully commissioned the first part capacity of 50 MW out of 150 MW Dayapar Wind Energy Project Phase-I at Dayapar, Bhuj, Gujarat. As part of the order, Inox Wind has supplied and installed 25 nos. DF 113/92 – 2.0 MW capacity Wind Turbine Generators (WTGs) with 113m rotor diameter and 92m hub height.

Further, as part of the order, Inox Wind, through its subsidiary Inox Green Energy Services, will provide comprehensive operation and maintenance (O&M) services for the lifetime of the project (25 years). Dayapar Wind is NTPC REL’s first project as well as the first capacity in India declared commercial under the new Indian Electricity Grid Code and General Network Access regime. Once Dayapar Wind complex is fully commissioned, it will add 450 MW to NTPC’s existing wind portfolio of 100 MW. NTPC, a key customer for whom Inox Wind is setting up 500 MW of wind capacity, currently has a pipeline of 20 GW+ of renewable energy capacity with a target to reach 60 GW by 2032.

Incorporated in 2009, Inox Wind is a part of the INOXGFL group. The company is engaged in the manufacturing of nacelles, hubs, rotor blades and towers used to make wind turbines. It also provides associated services, such as O&M of wind turbines, project execution and infrastructure development for wind farms.

On Monday, the stock opened at Rs 218.95 and has touched a high and low of Rs 235.00 and Rs 216.35, respectively.The BSE group ‘A’ stock of face value Rs 10 has a 52-week high and low of Rs 235.00 and Rs 89.60, respectively, respectively.Last one week high and low of the scrip stood at Rs 235.00 and Rs 207.75 respectively. The current market cap of the company is Rs 7,625.57 crore.

The promoters holding in the company stood at 64.64%, while Institutions and Non-Institutions held 10.02% and 25.33% respectively.

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