Inox Wind gains after winning order

Inox Wind rose 1.01% to Rs 225 at 11:48 IST on BSE after the company said it bagged repeat order for 50 megawatts wind power project from ReNew Power Ventures.

The announcement was made before trading hours today, 24 October 2016.

Meanwhile, the BSE Sensex was up 36.28 points, or 0.13%, to 28,113.46.

On BSE, so far 11,000 shares were traded in the counter, compared with average daily volume of 89,869 shares in the past one quarter. The stock hit a high of Rs 227.90 and a low of Rs 224.30 so far during the day. The stock hit a 52-week high of Rs 411.55 on 26 October 2015. The stock hit a record low of Rs 161 on 6 September 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, rising 7.12% compared with 2.42% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 2.86% as against Sensex's 0.99% rise.

The mid-cap company has equity capital of Rs 221.92 crore. Face value per share is Rs 10.

ReNew Power Ventures, India's leading clean energy company, has issued a repeat order to Inox Wind for a 50 megawatts (MW) wind power project to be executed in the state of Gujarat in India. ReNew Power is India's leading independent power producer of clean energy with more than 3,000 MW of commissioned and under construction assets. This is a turnkey project and is scheduled to be commissioned by March 2017. The 50 MW order from ReNew Power is part of the 350 MW of orders announced by Inox Wind on 3 October 2016.

As part of the order, Inox will supply and install 25 units of its advanced 2MW DFIG 113 rotor dia Wind Turbine Generators (WTGs) for Renew Power. Inox Wind's 113 meter rotor dia WPG is the newest variant of the company's market leading 2 MW platform. It significantly increases annual energy production and is especially suited for low wind segments in the country.

On a consolidated basis, net profit of Inox Wind declined 80.44% to Rs 11.82 crore on 32.64% decline in net sales to Rs 432.35 crore in Q1 June 2016 over Q1 June 2015.

Inox Wind is a fully integrated player in the wind energy market with three manufacturing plants at Gujarat, Himachal Pradesh and Madhya Pradesh.

Powered by Capital Market - Live News