There was a strong rise in the shares of wind turbine manufacturer Inox Wind Limited on Friday. On the last trading day of the week i.e. Friday, this share increased by 9.97% to reach Rs 166. This rise was seen in the stock for the second consecutive day. This is the 52-week high of the stock. On May 2023, this share was at a low of Rs 28.44. From this perspective, the stock has given multibagger returns to investors in one year.
Why is the stock rising now?
This share is trading on ex-bonus basis. Let us tell you that Inox Wind had earlier announced a bonus issue where it issued 3 free shares for every share held. According to the company, issuing bonus shares will not only strengthen the capital base but will also increase the liquidity of Inox Wind’s shares, which will increase investor participation.
Company turned from loss to profit
Inox Wind Ltd recently made a net profit of ₹20.3 crore, compared to a net loss of ₹1.8 crore a year ago. In the information given to the stock market, the company said that the income in the March quarter has increased to Rs 563.07 crore, which was Rs 193.83 crore in the same quarter last year. The company’s expenses increased to Rs 512.50 crore in the March quarter from Rs 312.43 crore in the March quarter last year. Shares had risen 20% in April this year and 26% in February. The stock is expected to remain positive in May also.
company orders
Last month, the company had received an order for the supply of 210 MW wind turbine generators from Hero Future Energies. Let us tell you that Inox Wind is part of the $8 billion InoxGFL group, which is in the chemical and renewable businesses. In a conference call in February, Inox Wind management had told analysts that the total order book has reached about 2.6 GW due to the receipt of several orders in the last quarter of FY24.
