NSEWind Turbine manufacturer Inox Wind Ltd. has incorporated four wholly-owned subsidiaries namely Junachay Wind Energy Pvt Ltd., Dharvi Kalan Wind Energy Pvt Ltd., Dangri Wind Energy Pvt Ltd., and Kadodiya Wind Energy Pvt Ltd.These companies will focus on wind farm development across India, Inox Wind said in an exchange filing on June 8.The new wholly owned subsidiaries are incorporated in India and and are yet to commence their business operations.The company recently posted a net profit of ₹20.3 crore as against a net loss of ₹1.8 crore in the year-ago period.
This means that the shares could rise or fall as much as 20% in a single trading session.The stock has been volatile in the last few trading sessions.
It has gained on Wednesday and Thursday last week after a 10% drop on Tuesday (June 4) during the Lok Sabha Election result declaration.
The stock fell 10% on May 28 after promoters had sold close to 5% stake in the firm through block deals.Promoter Inox Wind Energy said that ₹900 crore that have been raised via the block deal will be infused back into Inox Wind to pay down debt.
The stock has rallied over 300% over the last 12 months.
NSE
Wind Turbine manufacturer Inox Wind Ltd. has incorporated four wholly-owned subsidiaries namely Junachay Wind Energy Pvt Ltd., Dharvi Kalan Wind Energy Pvt Ltd., Dangri Wind Energy Pvt Ltd., and Kadodiya Wind Energy Pvt Ltd.These companies will focus on wind farm development across India, Inox Wind said in an exchange filing on June 8.The new wholly owned subsidiaries are incorporated in India and and are yet to commence their business operations.The company recently posted a net profit of ₹20.3 crore as against a net loss of ₹1.8 crore in the year-ago period. Inox Wind is a part of the $8-billion INOXGFL Group, which is into chemicals and renewable energy businesses.The management in a conference call in February this year had told analysts that numerous order wins in the last quarter of financial year 2024, had taken the total order book to around 2.6 GW, providing strong revenue growth visibility.Inox Wind shares were recently in focus after its circuit filter price band was revised higher to 20% from 10% earlier. This means that the shares could rise or fall as much as 20% in a single trading session.The stock has been volatile in the last few trading sessions. It has gained on Wednesday and Thursday last week after a 10% drop on Tuesday (June 4) during the Lok Sabha Election result declaration. The stock fell 10% on May 28 after promoters had sold close to 5% stake in the firm through block deals.Promoter Inox Wind Energy said that ₹900 crore that have been raised via the block deal will be infused back into Inox Wind to pay down debt. Following this, Inox Wind will become a net debt free company, excluding promoter debt.Domestic brokerage house Nuvama Institutional Equities have recently initiated a coverage on Inox Wind with a 'Buy' recommendation and a price target of ₹193 per share.The broking firm expects Inox Wind's order book and revenue to grow at a Compounded Annual Growth Rate (CAGR) of 44% and 73% led by a debt-equity reduction, its EPC capacity and EBITDA margin of over 30% in the O&M services.Shares of Inox Wind ended 2.12% higher at ₹149.50 apiece on the NSE on Friday. The stock has rallied over 300% over the last 12 months.
