52-week high alert & FIIs bought 5,09,17,521 shares of Suzlon's peer company: Turns debt-free; bags new order for 200-MW & enters in SPAs with Resco Global Wind Services Pvt Ltd

The stock gave multibagger returns of 250 per cent in just 1 year and a whopping 1,200 per cent in 5 years.

On Wednesday, Suzlon’s peer company’s shares rocketed over 8 per cent and made a fresh 52-week high of Rs 190 per share from its previous closing of Rs 175.55. The stock’s 52-week high is Rs 190 and its 52-week low is Rs 46.50. At the closing bell, shares of the company ended the day in green, up 4.50 per cent to Rs 183.45 per share.

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.

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 is excluding promoter debt. 

Order Bagged: Inox Wind, a leading Indian wind energy company, secured a 200 MW order for their latest 3 MW wind turbine generators (WTGs) from a renewable energy commercial and industrial power producer. This turnkey project will be executed across Gujarat and Rajasthan and will include post-commissioning operations and maintenance services for several years.

Share Purchase Agreements: The company announced the sale of its entire shareholding in nine recently established wholly-owned subsidiaries to Resco Global Wind Services Private Limited, another wholly owned subsidiary of the company. The transaction, executed through share purchase agreements, involves the transfer of ownership of Dangri Wind Energy, Dharvi Kalan Wind Energy, Junachay Wind Energy, Kadodiya Wind Energy, Lakhapar Wind Energy, Ghanikhedi Wind Energy, Amiya Wind Energy, Laxmansar Wind Energy and Pokhran Wind Energy Private Limited in exchange for cash consideration at par. As a result of this sale, these subsidiaries will transition from wholly-owned to step-down subsidiaries of Inox Wind Ltd.

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. 

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 over Rs 23,000 crore with a 3-year stock price CAGR of 100 per cent. The company’s order book is Rs 2,656-MW as of March 31, 2023. 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 250 per cent in just 1 year and a whopping 1,200 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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