Inox Wind stock hits record high on nod to bonus issue of shares

Shares of Inox Wind rose over 9% to a record high in the afternoon session today after board of the renewable energy firm proposed the issuance of bonus shares of 3:1 (three bonus equity shares for every one existing equity share) out of the accumulated reserves of the company.

Inox Wind stock rose 9.24% to a record high of Rs 658.50 against the previous close of Rs 602.75 on BSE. Market cap of Inox Wind rose to Rs 20,715 crore on BSE. The stock has gained 511% in one year and risen 23% since the beginning of this year.

Total 1.94 lakh shares of the firm changed hands amounting to a turnover of Rs 12.38 crore on BSE.

Inox Wind shares have a beta of 1, indicating average volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 66.1, signaling it's trading neither in the overbought or oversold zone. The 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 issuance of bonus shares will not only bolster the capital base of the company without any cash outflow but will also increase the liquidity of Inox Wind’s shares, broadening participation of a wider set of investors," said the firm.

Devansh Jain, Executive Director of INOXGFL Group, said “Over the course of past two years, Inox Wind has taken multiple actions which have contributed to its strong position today. The management appreciates the support of all our shareholders and this bonus is a befitting reward for their confidence and faith in the company, and we would want them to continue on the exciting growth journey ahead.”

Inox Wind Limited (IWL) is India’s leading wind energy solutions provider servicing IPPs, utilities, PSUs & corporate investors.