Inox Wind shares climb 6% on wind power project win

Shares of Inox Wind climbed nearly 6% to Rs 151 in Thursday's intraday trade after the firm bagged an order for a 100MW wind power project from ABEnergia Renewables (ABEnergia).

As part of the order, "Inox Wind will supply and install state-of-the-art, new generation 3.3 MW wind turbine generators with 145 m rotor dia & 120 m hub height. The project will be executed on a turnkey basis at Dayapar site in the Kutch district, Gujarat and is scheduled to be commissioned by 2024," the company said in an exchange filing.

“The necessary infrastructure facilities, including the 220 KV pooling substation at Dayapar and the extra high voltage transmission line have already been commissioned successfully, therefore the project will be executed on a plug-and-play basis,” it added. Additionally, as part of the agreement, Inox Wind will be responsible for comprehensive multi-year operation and maintenance (O&M) services for the project.


At 11.25 am, the scrip was trading 4.1% higher at Rs 148.8 on BSE. The stock has also risen over 28% in the last one month, while it has surged over 60% in the past one year. Meanwhile, it has delivered multibagger returns to its investors, as the stock has gained over 350% in the last three years.

“We are happy to partner with Inox Wind for developing this project with their latest 3.3 MW turbine. This order is part of the larger hybrid capacity being developed by ABEnergia for its C&I customers and takes us one step closer towards our target of 1.5 GW of hybrid energy solutions," Ateesh Samant, COO of ABEnergia, said.

Technically, the stock's day RSI (14) is at 72.5. The RSI above 70 is considered overbought, which implies that stock may show pullback, Trendlyne data showed. MACD is at 7.3, which is above its center and signal Line, this is a bullish indicator.

ABEnergia is an end-to-end partner for renewable energy solutions across India. ABEnergia works as a smart energy platform that partners with commercial and industrial (C&I) consumers in India providing them with hybrid energy solutions that deliver sustainable and clean power and assist in reducing their carbon footprint.

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