3:1 Bonus Share: Suzlon peer company’s stock hit 52-week high on September 11; Company is debt-free after Rs 900 crore infusion by promoters!
The stock gave multibagger returns of 360 per cent in just 1 year and a whopping 2,680 per cent in 5 years.
On Wednesday, Suzlon peer company’s shares surged 3.66 per cent and made a fresh 52-week high of Rs 250.45 per share from its previous closing of Rs 241.60. At the closing bell, shares of the company ended the day in the red, down 1.30 per cent to Rs 238.45 per share with a spurt in volume by more than 2.2 times on BSE.
The stock name is Inox Wind Ltd.
Inox Wind, a subsidiary of INOX Group, manufactures wind turbines and offers complete solutions for wind farms in India. Focused on innovation and sustainability, they aim to be a major player in India's renewable energy shift.
Recently, Inox Wind's EPC subsidiary, Resco Global, has secured Rs 350 crore in equity funding from strategic investors. This investment will fuel the company's expansion plans and capitalize on the growing Indian wind energy market. Resco Global, a leading wind EPC service provider, offers comprehensive solutions from project conceptualization to commissioning. The company is also diversifying its offerings by entering the crane services market and exploring hybridization opportunities for its power evacuation assets. With a strong order book and a favourable policy environment, Resco Global is well-positioned to capture significant growth in the Indian renewable energy sector.
Debt-Free Update: IWL announced the completion of an infusion of Rs 900 crore into the company by its promoter Inox Wind Energy Limited (IWEL). The funds were raised by IWEL on May 28, 2024, through the sale of equity shares of IWL through block deals on the stock exchanges, witnessing the participation of several marquee investors. The funds will be utilised by IWL to completely pare down its external term debt to achieve a net debt-free status wherein the net debt-free status excludes promoter debt.
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bonus Update: Earlier the shares of the company ex-traded 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 was Friday, May 24, 2024.
Results: According to Quarterly Results, the net sales increased by 83.2 per cent to Rs 638.81 crore in Q1FY25 compared to a net sales of Rs 348.73 crore in Q1FY24. The company reported a net profit of Rs 47.17 crore compared to a net loss of Rs 64.88 crore in Q1FY25, an increase of 173 per cent. 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 over Rs 31,000 crore with a 3-year stock price CAGR of 115 per cent. The company’s order book is Rs 2,917 MW as of June 30, 2024. FIIs bought 5,09,17,521 shares and increased their stake to 13.37 per cent compared to 9.47 per cent in March 2024. The stock gave multibagger returns of 360 per cent in just 1 year and a whopping 2,680 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.
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