Suzlon peer company’s circuit changed to 20 per cent and 3:1 bonus shares & promoter sold 6,00,00,000 shares recently: Company incorporated 4 new subsidiaries; all details inside!
The stock gave multibagger returns of 320 per cent in just 1 year and a whopping 750 per cent in 5 years.
On Friday, Suzlon’s peer company, i.e., Inox Wind Ltd.’s shares gained 2.74 per cent to Rs 150.20 per share with an intraday high of Rs 151.90 and an intraday low of Rs 146.15 from its previous closing of Rs 146.20. The stock’s 52-week high is Rs 177 and its 52-week low is Rs 34.40. The company’s circuit is revised back to 20 per cent and the stock will be in focus today’s trading session.
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.
In compliance with Indian securities regulations, Inox Wind Ltd. has established four new wholly-owned subsidiaries: Junachay Wind Energy, Dharvi Kalan Wind Energy, Dangri Wind Energy and Kadodiya Wind Energy. These subsidiaries, each with a capital of Rs 1,00,000, are specifically created to develop wind farms across India. Inox Wind will invest Rs 1,00,000 in each subsidiary through the acquisition of 10,000 equity shares. Notably, these subsidiaries are not operational yet, and their incorporation in India occurred recently, between June 03, 2024 and June 05, 2024.
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.
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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 19,583 crore with a 3-year stock price CAGR of 85 per cent. The company’s order book is Rs 2,656-MW as of March 31, 2023. The promoter of the company Inox Wind Energy Ltd sold 6,00,00,000 shares or 4.60 per cent at Rs 151 per share aggregating to Rs 90,447 lakh on May 30, 2024. The stock gave multibagger returns of 320 per cent in just 1 year and a whopping 750 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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