Inox Wind secures 550 MW project but shares fall

Shares of Inox Wind Limited (IWL) were trading in the red today even as the company said it received a Letter of Intent (LoI) from IGREL Renewables Ltd (IGREL) for execution of 550 MW wind capacity on turnkey basis. Inox Wind shares fell 1.5% to Rs 241.85 in early deals against the previous close of Rs 244.75 on BSE. 

Market cap of Inox Wind slipped to Rs 31,969 crore on BSE. 

Total 2.31 lakh shares of the firm changed hands amounting to a turnover of Rs 5.69 crore on BSE.

The stock has gained 111% in six months and risen 88% in 2024. The multibagger stock has climbed 400% in a year and gained 579% in two years.

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 , 50 day, 100 day, 150 day and 200 day moving averages.

"As part of the project, Inox Wind will supply, install and commission the Wind Turbine Generators (WTGs), and provide multi-year comprehensive operations & maintenance (O&M) services post commissioning. The project will be executed over the next 24 months across multiple sites in the states of Gujarat, Rajasthan and Madhya Pradesh," said Inox Wind.

Commenting on the occasion,Kailash Tarachandani, Group CEO,Inox Wind, said, "This is yet another milestone for Inox Wind and puts our company on a firm footing to achieve our 2 GW annual execution vision, which we aim to accomplish in FY27 with our large orderbook. With robust sectoral tailwinds and IWL’s strong positioning having all the levers in place, we are primed to capitalize on the large opportunity in the sector over the next decade.”

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.