Shares of Inox Wind Energy were locked in upper circuit for the eighth straight day, up 10 per cent at Rs 306.80 on the BSE on Friday. Since listing on June 11, 2021, the stock has rallied 62 per cent from its opening price level of Rs 188.95 on the BSE.
The counter has seen huge trading activities, ahead of its January-March quarter (Q4FY21) results today. Around 550,000 shares were changing hands and there were pending buy orders for 309,000 shares on the NSE and BSE.
With effect from today, the stock has been permitted to trade under ‘B’ group from ‘T’ group earlier. The "T" group represents securities which are settled on a trade-to-trade (T2T) basis as a surveillance measure. These stocks are not allowed for intraday trading. The T2T stocks can only be delivery based i.e. the buyer has to take the delivery of these shares.
The stock listed on the bourses, pursuant to the composite scheme of arrangement between Inox Renewables Limited and GFL (formerly Gujarat Flurochemicals) and Inox Wind Energy and their respective Shareholders as sanctioned by the Ahmedabad Bench of the Hon’ble National Company Law Tribunal; whereby upon coming into effect of the scheme and in consideration of the transfer and vesting of the renewable energy business from GFL into Inox Wind Energy.
Inox Wind Energy allotted 1 equity share of Rs 10 each of Inox Wind Energy for every 10 equity shares of Re 1 each held in GFL.
The company’s business is to provide turnkey solutions by supplying wind turbine generators (WTGs) and also offer services including wind resource assessment, site/land acquisition, development of power evacuation, infrastructure development, erection and commissioning and also long‐term operations and maintenance of wind power projects.