Shares of Inox Wind Ltd (IWL) were trading lower in early deals on Monday even as the firm said Care Ratings (CARE) has upgraded the ratings for its banking facilities.
The multibagger stock was trading 1.13% lower at Rs 153.60 on Monday against the previous close of Rs 155.35 on BSE. Market cap of Inox Wind slipped to Rs 19,935 crore on BSE.
Total 1.67 lakh shares of the firm changed hands amounting to a turnover of Rs 2.56 crore on BSE. The stock has gained 465% in two years and risen 382% in three years.
Inox Wind shares hit a record high of Rs 262.10 on September 23, 2024. Since then, the stock has corrected 41.53% till date.
CARE has ascribed the following ratings:
"'CARE A1+', the highest rating for Short Term Bank Facilities, upgraded from CARE A1. The rating upgrade further demonstrates IWL's strong financial position as the company utilises most of its banking facilities by way of letter of credits (LC) and bank guarantees (BG).
'CARE A+ / STABLE' rating assigned on IWL's Long Term Bank Facilities, upgraded from CARE A / Stable. These facilities are rarely utilised for cash management purposes only, since IWL's balance sheet is already net cash positive."
Inox Wind shares have a beta of 1.4, indicating high volatility in a year. The multibagger green energy stock is trading lower than the 5 day, 10 day, 20 day, 30 day , 50 day, 100 day, 150 day and higher than the 200 day moving averages.
Inox Wind is an India-based integrated wind energy solutions provider. The company is engaged in the business of manufacture and sale of wind turbine generators (WTGs). It also provides erection, procurement and commissioning (EPC), operations and maintenance (O&M) and common infrastructure facilities services for WTGs and wind farm development services.
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