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Block deal alert! Inox Wind stock sinks 10% after 12 mn shares change hands

Inox Wind block deal: At 9:15 AM, nearly 12.47 million shares changed hands on the BSE at a price of Rs 151 per share

Block deal alert! Inox Wind stock sinks 10% after 5% equity changes hands

SI Reporter New Delhi

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Inox Wind block deal: Inox Wind stock price was locked at 10 per cent lower circuit, at Rs 147.65 per share, on the BSE on Tuesday at 10:25 AM after over 12 million shares changed hands via block deal.

At 9:15 AM, nearly 12.47 million shares changed hands on the BSE at a price of Rs 151 per share. Till the time of writing of this report, 107.7 million shares had together changed hands on the BSE and NSE. The names of the buyers and sellers could not be ascertained.

However, reports suggest promoter entity IWEL was the likely seller as it intended to sell up to 5 per cent of its stake in the wind energy solutions provider via block deals today.

IWEL held a 38.43 per cent stake in Inox Wind at the end of the March 2024 quarter, shareholding pattern data shows. Besides, Aryavardhan Trading LLP, another promoter group, held 5.23 per cent stake; Inox Leasing And Finance Limited held 5.02 per cent stake; and Devansh Trademart LLP held 4.19 per cent stake.

Inox Wind is one of India's leading wind energy solutions providers servicing IPPs, Utilities, PSUs, Corporates and Retail Investors. Inox Wind is a fully integrated player in the wind energy market with three state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh with a cumulative manufacturing capacity of 1,600 MW.

Inox Wind manufactures the key components of the Wind Turbine Generator (WTG) to ensure high quality based on the most advanced technology, reliability of performance, and cost competitiveness. Inox WTGs are designed for low wind speed sites such as those in India.

Inox Wind stock price hit a record high of Rs 177 apiece on the BSE on Monday, May 27, 2024. Besides, it has zoomed 444.17 per cent from its 52-week low of Rs 28.66 apiece, hit on May 29, 2023.

In the March quarter, Inox Wind reported a consolidated profit of Rs 36.72 crore, mainly due to increased income. It had posted a net loss of Rs 119.04 crore in the January-March period of the preceding fiscal.

The company's total income surged to Rs 563.07 crore from Rs 193.83 crore a year ago.

The company secured the single largest wind project order of 1,500 MW from a leading power utility during the quarter, resulting in a healthy order book of 2.7 GW (excluding letter of intent) having a revenue potential of Rs 18,000 crore.

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First Published: May 28 2024 | 11:10 AM IST

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