Inox India shares gain 5% on securing patent rights for cold storage unit

Inox India shares soar: Shares of Inox India were buzzing in trade on Wednesday, September 11, 2024. The uptick in Inox India scrip rose as much as 4.86 per cent to hit an intraday high of Rs 1,247.35 per share. 

The uptick in Inox India share price came after the company announced that it has received patent rights from the Patents office, Government of India.

The patent is titled, Cryogenic Liquid Base Variable Temperature Cold Storage Unit and Method.

In an exchange filing, Indox India said, “We would like to inform you that the Company has received Patent Rights from the Patents Office, Government of India titled, ‘Cryogenic Liquid Base Variable Temperature Cold Storage Unit and Method,’ bearing Patent No. 549870.”

Inox India Limited, originally incorporated as Baroda Oxygen Limited in 1976 and rebranded in 1987, is a prominent Gujarat-based company specialising in the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.

As India's largest cryogenic equipment manufacturer, Inox India provides a range of products and services, including cryogenic liquid storage and transport tanks for medical and healthcare, chemicals, fertilisers, aviation, aerospace, pharmaceuticals, construction, green hydrogen, energy, steel, and gas companies.

Serving diverse industries such as healthcare, chemicals, energy, and aviation, the company transitioned to a private limited entity in 2015 before reverting to a public limited company in 2022.

The market capitalisation of Inox India is Rs 11,087.22 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE SmallCap category. 

The 52-week high of Inox India share is Rs 1,507.20 per share while its 52-week low is Rs 802.20 per share. 

At 9:50 AM, shares of Inox India were trading 4.57 per cent higher at Rs 1,243.85 per share. In comparison, BSE Sensex was trading 0.10 per cent higher at 82,002.08 levels.