Inox Wind spurts after SECI grants extension for Gujarat project

Inox Wind surged 12.64% to Rs 36 after the company got an extension from Solar Energy Corporation of India for commissioning of a wind power project in Gujarat.

Inox Wind has been granted time extension by Solar Energy Corporation of India (SECI) for the scheduled commissioning date for 5x50 megawatts (MW) ISTS connected wind power projects in Gujarat (SECI Tranche I) on account of delaying operationalization of long term access by the Central Transmission Utility (CTU).

Out of the total 250 MW of SECI 1 at Dayapar, Gujarat, InoxWind had successfully commissioned 200 MW in June & July 2019. Further, SECI has also granted permission to the company to commission the balance 50 MW project, which is already under execution. The announcement was made before market hours today, 25 November 2019.

On a consolidated basis, the company reported a net loss of Rs 45.60 crore in Q2 September 2019 as against a net profit of Rs 1.52 crore in Q2 September 2018. Net sales fell 68.3% to Rs 138.61 crore in Q2 September 2019 over Q2 September 2018.

Inox Wind is a wind energy solutions provider servicing independent power producers (IPPs), utilities, PSUs & corporate investors.

On the technical front, the stock's RSI (relative strength index) stood at 60.17. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 200-day moving average (DMA) placed at Rs 55.24. It was above its 50-day moving average (DMA) placed at 34.33.

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