Gujarat Flurochemicals, Inox Wind gain over 5%

Gujarat Flurochemicals rallied 9% to Rs 612 in intra-day, extending its Wednesday's 6% surge on BSE.

Gujarat Flurochemicals and Inox Wind, both a part of Inox Group, gained by up to 9% on BSE in intra-day trade, extending their previous day’s gain on BSE.

Inox Group on Wednesday said it has agreed to sell its operating wind farms to Leap Green Energy on slump sale basis for an undisclosed price, to focus on its core businesses, including that of wind turbine manufacturing.

“This transaction will decrease the leverage of Gujarat Flurochemicals at a consolidated level, by reducing debt of around Rs 800 crore that was attributable to the wind farming business, and free up management time to focus on our core businesses,” said Deepak Asher, director and group head (corporate finance) of the Inox Group of companies.

Gujarat Flurochemicals is the flagship company of Inox Group evolved to being the largest producer of chloromethane, refrigerants and polyetrafluoroethylene in India.

Inox Wind is leading wind energy solutions provider servicing independent power producers, utilities, public sector undertakings (PSUs) and Corporate.

Among the individual stocks, Gujarat Flurochemicals has rallied 9% to Rs 612, extending its Wednesday’s 6% surge on BSE. The trading volumes on the counter jumped more than four-fold with a combined 585,694 shares changed hands on BSE and NSE till 01:14 pm.

Inox Wind soared 6.5% to Rs 180, with a combined 1.14 million shares changed hands on both the exchanges so far.