Promoters sold 19.18 per cent stake: DIIs increase stake; Suzlon's peer likely to announce bonus shares!

The stock delivered impressive returns, surging 530 per cent in 1 year whereas Suzon’s share gained 410 per cent in the same period.

Suzlon's peer company Inox Wind Limited, a prominent player in the renewable energy sector, has announced a board meeting scheduled for April 25, 2024, to discuss the issuance of bonus equity shares to its shareholders. This proposal aligns with the company's growth strategy and commitment to enhancing shareholder value.

Inox Wind is dedicated to advancing renewable energy solutions and this move to issue bonus shares is expected to reflect positively on the company’s commitment to its stakeholders. The forthcoming board decision could potentially increase the liquidity of Inox Wind's shares, making them more accessible to a broader base of investors and possibly enhancing the company’s market presence.

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.

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The company has a market cap of over Rs 20,000 crore with a 3-year stock price CAGR of 89 per cent. The company’s order book stands at Rs 2,575-MW as of December 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.

Today, shares of Inox Wind Ltd gained 8.93 per cent to Rs 645.75 per share from its previous closing of Rs 592.80 per share. The stock delivered impressive returns, surging 530 per cent in 1 year whereas Suzon’s share gained 410 per cent in the same period. Investors should keep an eye on this multibagger stock under the radar.

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