3:1 Bonus Share: Heavy buying in this renewable energy stock; Hit upper circuit as company announces new record date for bonus issue – details inside!

The stock gave multibagger returns of 425 per cent in just 1 year and a whopping 970 per cent in 5 years.

Today, one of the Top Gainers on BSE, shares of Inox Wind Ltd hit a 10 per cent upper circuit to an intraday high of Rs 615.25 per share from its previous closing of Rs 559.35. The stock’s 52-week high is Rs 663 and its 52-week low is Rs 111.10.  

Inox Wind Limited, a prominent player in the renewable energy sector, has announced that the Board of Directors of the company has proposed the issuance of bonus shares of 3:1 (three bonus equity shares for every one existing equity share) out of the accumulated reserves of the company. The company announced the revised record date as Saturday, May 25, 2024, instead of Saturday, May 18, 2024.

Inox Wind Limited, headquartered in Noida, Uttar Pradesh, is a leading provider of comprehensive wind energy solutions in India. Part of the diversified INOX group, the company specializes in the manufacture of wind turbine generators and provides turnkey solutions by supplying wind farm projects with key components and services required for construction and operation. With a strong focus on technology and sustainability, Inox Wind is committed to playing a significant role in India’s transition to renewable energy. The company’s innovative approach and robust infrastructure enable it to meet the growing demands of the global wind energy market.

According to Quarterly Results, the net sales increased by 4.8 per cent to Rs 527.73 crore and net profit increased by 1,897.3 per cent to Rs 37.67 crore in Q4FY24 compared to Q3FY24. In its annual results, the net sales increased by 137.8 per cent to Rs 1,743.24 crore in FY24 compared to FY23. The company reported a net loss of Rs 50.79 crore in FY24 compared to a net loss of Rs 696.84 crore in FY23.

The company has a market cap of Rs 19,900 crore with a 3-year stock price CAGR of 90 per cent. The company’s order book is Rs 2,656-MW as of March 31, 2023. According to the shareholding pattern, the promoters of the company decreased their stake by 19.18 per cent to 52.87 per cent in March 2024 compared to 72.01 per cent in March 2023 while DIIs have increased their stake to 10.16 per cent in March 2024 compared to nil shareholding in March 2023.

The stock gave multibagger returns of 425 per cent in just 1 year and a whopping 970 per cent in 5 years. Investors should keep an eye on this multibagger stock under the radar.

Disclaimer: The article is for informational purposes only and not investment advice.