Suzlon’s peer company stock rockets over 10 per cent after turning debt-free and bagged order for 200 MW for its 3-MW wind turbine generators (WTGs)
The stock gave multibagger returns of 255 per cent in just 1 year and a whopping 900 per cent in 5 years.
Today, Suzlon’s peer company, i.e., Inox Wind Ltd.’s shares rocketed over 10 per cent to Rs 175 per share from its previous closing of Rs 58.05. The stock’s 52-week high is Rs 177 and its 52-week low is Rs 45.80. The company’s circuit is revised back to 20 per cent and shares of the company saw a spurt in volume by more than 1.46 times on BSE.
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.
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.
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.
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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 22,000 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. 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 904.47 crore on May 30, 2024. The stock gave multibagger returns of 255 per cent in just 1 year and a whopping 900 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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