Inox India gains 4% on bagging LNG tanks & regasification order in Bahamas

Inox India shares gained 4.3 per cent on Tuesday and registered an intraday high of Rs 1,241 per share on BSE. The stock advanced as the company bagged an order for the supply of 10 X 1500m3 Liquefied Natural Gas (LNG) storage tanks and a regasification system for a power plant project in the Bahamas.

 

Regasification in the context of LNG refers to the process of converting LNG, which has been transported and stored in its liquid state, back into its gaseous form so it can be distributed and used as natural gas.

 

Around 10:22 AM, India Inox shares were up 2.58 per cent at Rs 1219.85 per share on BSE. In comparison, the BSE Sensex was flat at 79,499.59. The market capitalisation of the company stood at Rs 11,071.79 crore. The 52-week high of the stock was at Rs 1,507.2 per share on BSE and 52-week low of the stock was at Rs 802.2 per share.

 

"We are pleased to inform you that INOX India has been awarded contract from Island Power Producer Ltd, The Bahamas for supply of 10 X 1500m3 LNG Storage tanks and a re-gasification system for a Power Plant Project at the island nation," the filing read. 

 

The terminal will feed natural gas to the independent power producer's  (IPP) 60 MW combined cycle power plant being set to provide shore power to Cruise Ships at the Nassau Cruise Port.

 

Further, it is expected to serve as a model distribution hub for smaller LNG users, supporting power generation and other energy needs across The Bahamas.

 

Phase 1 of 5 X 1500m3 LNG tanks with the rest of the regassification system supply is scheduled to be completed by February 2026 and Phase 2 of 5 X 1500m3 LNG tanks supply is to be completed by June 2026.

 

Once commissioned, the Mini LNG terminal will be capable of receiving LNG through smaller ships as well as reloading LNG in ISO containers to service LNG users in the vicinity.

 

INOX India is one of the largest manufacturers of cryogenic storage, regas, and distribution systems for LNG, industrial gases, and cryo-scientific applications with operations in India, Brazil, and Europe. 

 

In the context of LNG, cryogenic technology plays a crucial role in the liquefaction, storage, and transportation of natural gas.

 

The company has an extensive user base, spread across more than 100 countries, and is serviced by a network of after-sales support associates in 25 countries. The company is leading India’s efforts in adoption of LNG for industrial and automotive purposes. The Company’s key strength lies in design engineering, manufacturing, supply and commissioning of Cryogenic turnkey packaged systems with reputation and a vision to deliver a significantly higher value to its consumers.

 

Since its listing on December 21, 2023, the stock has gained 26.8 as against Sensex's rise of 12.17 per cent.