A renewable energy company’s share price zoomed 6.7 percent on Tuesday’s early trades to clock a fresh 52-week high of ₹ 224.80 apiece on the National Stock Exchange (NSE) after its shares reportedly changed hands in large deals. At 12:37 PM, its shares were trading at ₹ 218.30, up 3.66 percent.
Reports suggest that the company’s promoter entity was likely to execute a block deal on Tuesday, to reduce its stake in the company. Meanwhile, Nippon India Mutual Fund and a clutch of foreign institutional investors (FIIs) are reported to have bought this stake via a block deal.
Inox Wind is a part of the Inox Group and it is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates and Retail Investors. The company is a fully integrated player in the wind energy market and provides end-to-end turnkey solutions.
In the past year, the company’s share price escalated by 111 percent and delivered multibagger returns. Thus an investment of ₹ 1 lakh in its shares a year ago, would be worth ₹ 2.11 lakh today!
With a market capitalization of ₹ 6,864 crores, Inox Wind is a small-cap company. It has a negative return on equity of 37.41 percent and a high debt-to-equity ratio of 1.37. Its promoters hold a 72.01 percent stake in the company followed by retail investors with 25.42 percent and foreign institutions with 2.57 percent.
This development came almost a week after the company declared its results for the April to June quarter of the current financial year. Its net losses halved to ₹ 64.3 crores from ₹ 130.00 crores, whereas, its consolidated revenue increased to ₹ 352 crores, which is 65 percent higher as compared to ₹ 213 crore clocked in the corresponding quarter last year.
Written by Simran Bafna
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