Stock To Buy: Wind energy company Inox Wind (Wind Energy Share) was once a penny stock. However, currently this share is at Rs 143. Four years ago in June 2020, the price of this share was just ₹ 9.96. During this period there was a tremendous increase of 1335%. Similarly, in the last three years it had seen a strong rise of almost 600%. The price of this share in June 2021 was ₹20.61. Inox Wind continues to deliver multibagger returns with a strong gain of 256 per cent in the last year alone. However, in 2024 year-to-date (YTD), the stock has improved, registering a modest gain of 13.5 percent.
What is the target price?
The stock has seen a 3.5 percent decline in June, which has increased from a 6.3 percent decline in May. Despite the recent correction, domestic brokerage house Axis Securities has initiated coverage on the wind power stock with a ‘buy’ call and a target price of ₹182, indicating a potential upside of over 28 per cent. According to Axis, Inox Wind Ltd (IWL) has completely written off its interest-bearing debt following promoter investment. This financial strength positions the company optimally to take advantage of the growing wind sector in India. It said key factors contributing to its strong market position include a strong order book totaling 2.7 GW across a diverse customer base. Additionally, its operations and maintenance arm, Inox Green Energy Services Limited, boasts strong margins of over 45 percent.
Government took decision on saving schemes like PPF-Sukanya, check new interest rates
This defense share of ₹ 26 increased to ₹ 170, it is a loot to buy, investors are happy.
The company had raised funds
Let us tell you that Inox Wind Energy has raised Rs 900 crore by selling shares of Inox Wind Limited, a subsidiary of InoxGFL Group. Inox Wind is India’s leading wind energy solutions provider, while Inox Wind Energy Limited (IWEL) is one of the promoters of Inox Wind Limited. The funds raised will be used to reduce Inox Wind’s debt and meet the company’s working capital requirements. This will strengthen its balance sheet. The stock is just 20 per cent off its high of ₹177 on May 27, 2024. Meanwhile it has increased by 273 percent from its 52-. There is a weekly low of ₹38, reached on 3 July 2023.
