Multibagger Inox Wind share price rises 5%: Board to consider issuing bonus shares on Thursday, 25th April, 2024
- Stock Market Today: Multibagger Inox Wind share prices rose more than 5% on Tuesday as its Board meeting on Thursday, 25th April, 2024 is to consider issuing bonus shares
Multibagger Inox Wind Share prices rose more than 5% on Tuesday. In its release on Monday, post market hours, Inox Wind said that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, 25th April, 2024, inter-alia, to consider and approve the proposal for issuance of Bonus Equity Shares to the shareholders of the company.
Inox Wind also said that the trading Window for dealing in securities of the company is already closed for Designated Persons and their immediate relatives w.e.f. Monday, 1st April, 2024 till completion of 48 hours after the Audited Financial Results for the quarter and financial year ending on 31" March, 2024 are submitted to the Stock Exchanges.
Inox Wind share price has given Multibbager returns to investors having gained almost 500% in the last one year.
The Inox Wind share price also has gained more than 10% in last five trading sessions and its trading near all time highs.
Inox Wind recently had announced a large order win. Inox Wind secured a repeat order for 210 mega watt (MW) for its 3 MW wind Turbine Generation Systems (WTGs) from Hero Future Energies.
As per Inox Wind release on 19th April, 2024, the order is for Inox Wind's 3 MW Wind Turbine Generators (WTGs), and the scope also includes equipment supply and a few add-on services. In addition, Inox Wind will offer multi-year operations and maintenance (O&M) services following commissioning.
The WTGs will be deployed in South India and supplied to Hero Future Energies starting in Q3 of FY25.
As per Kailash Tarachandani, CEO of Inox Wind statement, this order supports their confidence on 3MW WTGs being among the most efficient turbines in their class. This order's addition serves to underline Inox Wind's growth outlook even further.
Analysts at ICICI Securities in their recent report had said that Inox Wind has a deleveraged balance sheet and significantly has enhanced its order books in recent quarters. They had upgraded Inox Wind to BUY with a target price of ₹675 indicating some more upside for the stock trading at ₹606 levels
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