Inox Wind shares zoom 18%; hit 52-week high on fund infusion

Shares of Inox Wind surged as much as 18.44% to hit a 52-week high of ₹340.95 apiece in intraday trade on the BSE after its parent company Inox Wind Energy Limited infused ₹800 crore into the wind energy solutions provider.

The scrip opened higher at ₹296.30 apiece in the BSE, up 2.9%, as against the previous closing price of ₹287.85. The scrip closed 15.81% higher at ₹332.20 apiece on the BSE. This wsd in line with the broader BSE Sensex which closed 2.05% or 1,383.93 higher at 68,865.12. The market capitalisation of the company rose to ₹10,842.68 crore with more than 3.55 lakh shares exchanging hands on the BSE as against the two-week average of 1.96 lakh shares. The company hit a 52-week low of ₹89.60 on February 6 this year.

In the past one month, three months and one year, the counter has risen 56.40%, 63.55% and 163.73%, respectively. In the year-to-date period, the counter has given 208.49% in return.

According to the regulatory filing by the company, the funds will be utilised to repay its existing debt. The company says that the funds have been raised through an equity share sale of IWL on the stock exchanges, facilitated via block deals, which saw participation from several marquee long-only foreign and domestic investors.

"The recent round of fundraising by IWL's promoter and the subsequent capital infusion into IWL is another significant step towards our stated objective of becoming a net-debt-free company. The ongoing ramp-up of our operations, technological upgrade to the globally established 3.3 MW WTGs and our strong financial position will help us embark on a robust growth journey, aided by the macro tailwinds," says Kailash Tarachandani, CEO, Inox Wind.

In the July to September quarter, the company posted a consolidated net loss of ₹26.84 crore as against ₹133.81 crore in the same period last year. The company’s revenue from operations during the period under review stood at ₹384.40 crore as against ₹111.89 crore in the same period last year.

Notably, last month, rating agency CRISIL had upgraded the company's rating. "Inox Wind Limited (IWL), a part of the Inox GFL Group, India’s leading wind energy solutions provider, is pleased to announce that CRISIL has upgraded its ratings from Crisil BBB+ to Crisil A- (long-term rating), Crisil A2 to Crisil A2+ (short term ratings) with a stable outlook in relation to ratings of its banking facilities," the company said in a regulatory filing. 

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