Inox Wind advances after signing agreement with AMSC

Inox Wind rose 3.37% to Rs 84.25 at 12:48 IST on BSE after the company signed agreement with AMSC for the launch of 3MW wind turbines in India.

The announcement was made after market hours yesterday, 27 November 2018.

Meanwhile, the S&P BSE Sensex was up 285.43 points, or 0.8% to 35,798.57

On the BSE, 29,000 shares were traded in the counter so far, compared with average daily volumes of 9,092 shares in the past two weeks. The stock had hit a high of Rs 86.25 and a low of Rs 84 so far during the day.

Inox Wind has signed an exclusive agreement with AMSC, a global solutions provider serving the wind and power grid industry, to launch the 3MW wind turbine which is especially suitable for low wind regimes in India. The 3MW wind turbine platform is a globally operating and proven platform. This agreement comes on back of the existing licence for the 2MW range of wind turbines currently being offered by Inox Wind.

On a consolidated basis, Inox Wind reported net profit of Rs 1.52 crore in Q2 September 2018 as against net loss of Rs 46.81 crore in Q2 September 2017. Net sales surged 449.19% to Rs 436.66 crore in Q2 September 2018 over Q2 September 2017.

Inox Wind is India's leading wind energy solutions provider servicing IPPs, Utilities, PSUs & corporate investors. The company is a fully integrated player in the wind energy market with three state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh.

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