Suzlon’s peer company announces 3:1 bonus share; scrip hit fresh 52-week high & DIIs increase stake!
The stock gave multibagger returns of 536 per cent in 1 year whereas Suzon’s share price gained 414 per cent in the same period.
Suzlon's peer company 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 bonus shares shall be issued to the shareholders whose name appears in the Register of Members as on the ‘Record Date’.
Inox Wind is taking a multi-pronged approach to capitalize on favourable industry trends. By issuing bonus shares, they can strengthen their capital base without spending cash, while also making the stock more attractive to a wider range of investors through increased liquidity. This comes on the heels of a profitable third quarter in FY24, driven by a significant increase in business activity. To ensure they are positioned for long-term success in this promising sector, Inox Wind has been strategically fortifying its financial health, ramping up operations, and investing in cutting-edge technologies over the past two years. These efforts, combined with a robust order book, should translate to significantly higher profitability in the future.
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 is 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.
On Friday, shares of Inox Wind Ltd gained 2.61 per cent to Rs 663 per share from its previous closing of Rs 646.1 per share. The stock gave multibagger returns of 536 per cent in 1 year whereas Suzon’s share price gained 414 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.
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