Multibagger Inox Wind Gains Nearly 7% After Large Turnkey Order

Shares of Inox Wind gains nearly 7% on Tuesday after it won a 200-megawatt order from a renewable commercial and industrial power producer. The project is to be executed in Gujarat and Rajasthan.

The order is for the company's latest 3 MW wind turbine generators, with the scope comprising end-to-end turnkey execution, according to an exchange filing. Additionally, Inox Wind will provide post-commissioning multi-year operations and maintenance services, the filing said.

"I believe this, along with our existing order book and strong order pipeline, reinforces our commitment towards achieving substantial growth in fiscal 2025 and beyond," said Chief Executive Officer Kailash Tarachandani in the statement.

Shares of the company rose as much as 6.80% to Rs 168.90 apiece, the highest since May 27. It pared gains to trade 3.1% higher at Rs 163 apiece as of 9:46 a.m. This compares to a 0.24% advance in the NSE Nifty 50 Index.

The stock has risen 30.47% on a year-to-date basis and 208.2% in the last 12 months. Total traded volume so far in the day stood at 0.75 times its 30-day average. The relative strength index was at 67.42.

All the six analysts tracking the company have a 'buy' rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 12.7%.