Inox Wind Shares Surge 11.5% : The Indian stock market witnessed a mixed trading session on Friday, with benchmark indices closing flat after a strong recovery earlier in the week. However, amidst the volatility, shares of Inox Wind Ltd. stole the spotlight, surging by 11.5% following the announcement of a significant new order.
Stormy Rise in Inox Wind Shares
Inox Wind shares closed at Rs 170.70 on the BSE, marking a gain of Rs 17.60 (11.50%) from the previous close. The stock opened at Rs 155 and reached an intraday high of Rs 173.60, reflecting strong investor interest. Despite the rally, the stock remains well below its 52-week high of Rs 262.10, indicating potential for further upside.
The surge in share price was triggered by the company’s announcement of a major order for 51 wind turbines, each with a capacity of 3 MW, totaling 153 MW. The order is for a wind energy project in Tamil Nadu, where Inox Wind will not only supply the turbines but also provide limited scope engineering, procurement, and construction (EPC) services. Additionally, the company will handle operation and maintenance (O&M) services for several years post-commissioning.
What’s Driving the Rally?
The order, secured from a leading global renewable energy developer, has bolstered investor confidence in Inox Wind’s growth prospects. While the company did not disclose the name of the client, it emphasized that the order underscores its position as a key player in the renewable energy sector.
The stock also formed a bullish Marubozu candle on the daily chart, signaling strong buying momentum. The rally was supported by heavy trading volumes, with 18.98 lakh shares traded compared to the two-week average of 4.10 lakh shares.
Technical Outlook
From a technical perspective, Inox Wind’s stock is now approaching its immediate resistance level of Rs 174, which coincides with the 200-day exponential moving average (200DEMA). Analysts suggest that the stock may consolidate at higher levels before attempting to break through this resistance. A sustained move above Rs 174 with strong volumes could open the door for further upside.
Market Context
The broader market remained subdued on Friday, with the Nifty closing at 22,552, up just 8 points. However, stock-specific action dominated the session, with Inox Wind emerging as one of the top gainers. The company’s current market capitalization stands at Rs 22,255.76 crore, reflecting the renewed investor interest.
What’s Next for Inox Wind?
The new order is a significant milestone for Inox Wind, highlighting its capabilities in the wind energy sector. As India continues to push for renewable energy adoption, companies like Inox Wind are well-positioned to benefit from the growing demand for clean energy solutions.
Investors will now watch for further updates on the execution of this order and any additional contracts the company secures in the coming months. For now, the stock’s strong performance and bullish technical indicators suggest that Inox Wind remains a key player to watch in the renewable energy space.
Stay tuned for more updates on Inox Wind and other market-moving stories!
Related Article:
PhonePe : Get ready investors, ‘Phone Pay’ IPO is coming soon
Upcoming IPO : Shreenath Paper and Nukleus Office Solutions Set to Launch This Week
