Shares of this midcap company locked a 10 percent lower circuit in Tuesday’s trading session after the promoter offloaded a 5 percent stake via a block deal.
With a market capitalization of Rs. 19,251 crores, the shares of Inox Wind started Tuesday’s trading session on a lower note at Rs. 155 compared to its previous close of Rs. 164.15. During the trading session, the shares hit a lower circuit at Rs. 147.75 apiece.
Nearly 2.75 crore shares or 5 percent of the company’s total equity changed hands in a block deal on the exchanges. The names of the buyers and sellers could not be ascertained. The average price at which the shares changed hands was Rs. 151 per share, taking the total transaction value above Rs. 400 crore.
As per the reports, promoter entity IWEL was the likely seller as it intended to sell up to 5 per cent of its stake in the wind energy solutions provider via block deals.
Looking at the company’s financial statements, the revenue increased by 5 percent from Rs. 503.45 crores during the December quarter to Rs. 527.73 crores in the March quarter. On the other hand, the net profits zoomed by 1,928 percent from Rs. 1.81 crores to Rs. 36.72 crores during the same period.
After securing the single largest wind project order of 1,500 MW, Inox Wind’s order book now stands at approximately 2.6 GW. Moreover, the company’s strong order book currently has a revenue potential of Rs 18,000 crores.
Furthermore, Inox Wind is strategically positioning itself for future growth by exploring new technologies with a 4-megawatt series turbine and diversifying its order book with a mix of turnkey and equipment supply orders to enhance operational flexibility and revenue visibility.
Additionally, the company is also focusing on scaling its operations to accommodate 2 gigawatts of annual execution and aims to achieve more than 1 gigawatt of annual execution well ahead of market expectations.
According to the latest shareholding pattern, Promoters hold 52.87 percent of the stake, foreign institutional investors (FIIs) own 9.47 percent, domestic institutional investors (DIIs) possess 10.16 percent, and retail investors hold the remaining 27.49 percent of the shares.
Headquartered in Noida, Inox Wind was incorporated in 2009. The company is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporations and Retail Investors.
Written By Vaibhav Patil
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