Multibagger green energy stock hits record high for second straight session, here's why 

Shares of Inox Wind hit a fresh record high on Tuesday after the renewable energy firm said it won an order for 51 MW from Everrenew Energy Private Ltd, a leading commercial and industrial (C&I) player. The stock touched a record high for the second straight session on Tuesday. The multibagger stock climbed 13.66% to Rs 237 against the previous close of Rs 208.50 on BSE. Market cap of Inox Wind rose to Rs 29,087 crore on BSE. The stock has gained 327% in one year and risen 70.68% since the beginning of this year.

The stock has risen 697% in two years. The stock also delivered multibagger returns of 1789% returns in five years.

Total 23.73 lakh shares of the firm changed hands amounting to a turnover of Rs 54.09 crore on BSE.

Inox Wind shares have a beta of 1.4, indicating very high volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 74.3, signaling it's trading in the overbought 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 order pertains to equipment supply for Inox Wind's latest 3 MW Wind Turbine Generators (WTGs). Additionally, Inox Wind will provide post commissioning multi-year operations & maintenance (O&M) services. The project will be executed in Tamil Nadu. 

Kailash Tarachandani, CEO of Inox Wind, said, "We are pleased to receive a 51MW order from Everrenew, an esteemed customer with whom we aim to build a mutually fruitful partnership going ahead. We are glad to witness the strong preference for our turbines and services by project developers and we continue to make our contribution as India surges ahead to achieve its renewable capacity targets." 

The stock also hit a record high in the previous session on stellar Q1 earnings. The firm turned profitable in the June 2024 quarter on a year-on year-basis. Inox Wind reported a profit of Rs 47 crore in Q1 against a loss of Rs 65 crore in the corresponding quarter of the previous fiscal. Axis Securities said strong earnings with EBITDA and PAT exceeded its consensus estimates.

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.