Inox Wind share price jumps over 8% on order win from NTPC Renewable; check details
Inox Wind share price: The stock opened at an intraday low of ₹137.90 per share on the BSE and were trading at ₹144.80 per share at 10:34 IST, close to their intraday high of ₹146.60.
PremiumInox Wind share price jumped over 8% on Tuesday's trade after the company bagged repeat order of 150 MW from NTPC Renewable Energy Ltd. Inox Wind shares opened at an intraday low of ₹137.90 per share on the BSE and were trading at ₹144.80 per share at 10:34 IST, close to their intraday high of ₹146.60.
The company in an exchange filing said that NTPC Renewable Energy, is an wholly subsidiary of NTPC Green Energy, NTPC's renewable energy arm. The project will be carried out in the state of Gujarat. With this order, Inox Wind has received a total of 550 MW from NTPC to date.
Kailash Tarachandani, CEO of Inox Wind, expressed gratitude to NTPC Renewable Energy for awarding Inox Wind this 150 MW project. He also underlined the Company's desire to establish a long-term engagement with NTPC, serving as a trusted supplier and contributing to the achievement of their ambitious renewable energy ambitions.
"As part of the order, Inox Wind will supply and install existing and new technology state of the art Wind Turbine Generators. Additionally, as part of the agreement, Inox Wind will be responsible for operation and maintenance (O&M) services for the project. This addition will contribute to the expansion of Inox Wind's O&M fleet, enhancing overall profitability’, said Tarachandani in an exchange filing.
On Tuesday's trade, the stock has gained 92.04% from 52-week low of ₹75.4 recorded on July 1, 2022, as per trendlyne data. The stock price rose 66.4% and outperformed its sector by 75.3% in the past year.
“The stock is up today more than 7% and overall for the week it's up 23%, overall the bias is positive where we expect prices to move towards recent high of 159 , any dip can be considered as a buying opportunity with 132 as immediate support," said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.
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