CRISIL upgrades rating for Inox Wind

Inox Wind, India’s leading wind energy solutions provider, announced that CRISIL has upgraded its rating to ‘Positive’ from Stable. Additionally, they have reaffirmed ‘CRISIL A-’ rating for company’s Long Term Bank Facilities and ‘CRISIL A2+’ rating on both the company’s Short term Bank Loan Facilities and for Rs. 600 crore Commercial Paper. CRISIL’s rationale for upgrading Inox Wind’s outlook reflects it’s expectation of an improvement in business risk profile, to be driven by higher revenue and cash accrual from the execution of auction-based orders. 
  
Inox Wind provides wind energy solutions to IPPs, utilities, PSUs, corporates and retail investors. It is a fully-integrated player in the wind energy segment having three state of the art manufacturing facilities in Gujarat, Himachal Pradesh and Madhya Pradesh. These plants manufacture blades & tubular towers, Hubs & Nacelles in each Gujarat and Himachal Pradesh each. While it’s Madhya Pradesh plant has the capacity of manufacturing all components together. 
  

On Wednesday, at 10.12 AM the stock was trading at Rs. 84 per share showing an uptick of Rs. 0.75. While the benchmark index BSE Sensex was trading at 36,332 which was down by 193 points.