Inox Wind shares give up losses as parent forays into solar manufacturing 

Shares of Inox Wind Ltd gained in the afternoon session today after conglomerate INOXGFL Group announced its foray into solar manufacturing through a rapidly growing group entity. The company has lined up capex worth Rs 1,500 crore over next two years to reach an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing.

Inox Wind is a group company of INOXGFL.

In the current session, Inox Wind shares rose 1.60% to Rs 211.50 against the previous close of Rs 208.15 on BSE. Market cap of Inox Wind stood at Rs 26,792 crore on BSE. Before the announcement, the stock was trading in the red on bourses today. Earlier, it hit an intra day low of Rs 204.65 on BSE.

Total 1.61 lakh shares of the firm changed hands amounting to a turnover of Rs 3.34 crore on BSE. The stock has gained 35.69% in six months and risen 56.70% in 2024.

Inox Wind shares have a beta of 1.4, indicating high volatility in a year. The multibagger green energy stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 150 day, 200 day but lower than the 50 day and 100 day moving averages.

Inox Solar, a privately held entity by the promoters, will launch its first solar module manufacturing unit with an initial capacity of 1.2 GW in Gujarat which is likely to be operational by March next year.

The group also aims to provide turnkey EPC solutions, including land acquisition and power evacuation, through Inox Renewable Solutions, and offer operations and maintenance services through Inox Green Energy.

With the solar foray, the INOXGFL Group completes its interests across the entire renewable ecosystem, with presence across EV, energy storage, wind and solar. "This foray into solar energy complements our existing strengths, making us a fully integrated player in the energy transition ecosystem," Devansh Jain, Executive Director of INOXGFL Group said. The capex for solar modules and solar cell manufacturing will drive 'energy independence' for stakeholders, Jain added.

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.