Shares of Inox Wind Ltd hit their record high in early deals today amid tepid movement in the broader market. Inox Wind stock rose 4% to a high of Rs 237 against the previous close of Rs 227.70 on BSE. Market cap of Inox Wind rose to Rs 30,489 crore on BSE. The stock has gained 353% in a year and risen 765% in two years. The multibagger stock has climbed 79% this year.
Total 2.66 lakh shares of the firm changed hands amounting to a turnover of Rs 6.22 crore on BSE.
Inox Wind shares have a beta of 1.3, indicating high volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 73, signaling it's trading in the overbought zone. The multibagger 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.
The firm has become debt free after it received Rs 900 crore funds from its promoter Inox Wind Energy Limited (IWEL) in July this year, which were used to completely pare down external term debt, achieving a net debt free status.
On that occasion,CEO Kailash Tarachandani said: "It has been a remarkable journey so far. This fund infusion will help us become a net debt free company, strengthening our balance sheet and help accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further."
Analysts are mostly bullish on the outlook of the stock.
Divyam Mour, Research Analyst, Samco Securities said, "Inox Wind is currently experiencing some overvaluation and presents a buying opportunity at around Rs 210, with an expected movement towards Rs 260."
Mandar Bhojane, Research Analyst at Choice Broking is bullish on the stock with price targets of Rs 320 and Rs 360.
"The stock has recently broken out of a rounding bottom pattern on the monthly chart, which is supported by a significant increase in trading volume. This suggests a potential bullish momentum for the stock. The pattern indicates a with possible short-term targets of Rs 320 and Rs 360. On the downside, immediate support is located at Rs 200, which could be seen as a buying opportunity on dips," Bhojane said.
Kushal Gandhi, Technical Analyst at StoxBox said "The stock of Inox Wind is demonstrating stronger relative strength and increasing demand from buyers, accompanied by an improving EPS performance. Recent price action has seen a bullish breakout from a rounding bottom pattern, followed by the formation of a flag pattern, indicating a continuation of the primary trend."
He recommends buying Inox Wind with a target price of Rs 260 and maintaining a stop loss at Rs 204.