Inox Wind, a leading integrated wind energy manufacturer and solution provider, is set to allot free bonus shares soon. Inox Wind's stock touched a new 52-week high of Rs 166 as it turned ex-bonus for its bonus shares of 3:1 on May 24. The bonus issue's record date is fixed on Saturday, May 25, 2024. The consensus recommendation of analysts is BUY on Inox Wind.
Inox Wind Share Price:
After touching a new 52-week high of Rs 166 apiece on BSE, the stock ended at Rs 164.20 apiece, up by 9% on May 24 with a market cap of Rs 21,408.30 crore.
From its 52-week low of Rs 28.44 apiece, the smallcap stock is currently up by 477%.
INOX Wind Bonus Issue:
INOX Wind is set to allot a 3:1 bonus issue, meaning 3 (Three) new fully paid-up bonus equity shares of Rs. 10/- each for every 1 (One) fully paid-up existing equity share of Rs. 10/- each held.
The record date to ascertain the eligibility of Shareholders for issuance of Bonus Equity Shares of the Company is fixed on Saturday, May 25, 2024. But since Saturday a market holiday by default, the shares turned ex-bonus on May 24.
Bonus shares are one of the many corporate actions that listed companies announce on several occasions. Bonus shares are like incentives which are free of cost given to investors. Under this corporate action, new shares are issued at the existing Face Value of equity shares of the company. Hence, the face value remains the same post-bonus issue.
INOX Wind Credit Rating:
Ahead of turning ex-bonus, Inox Wind also received an 'A' rating from CARE Ratings Limited (CARE) for its banking facilities. The 'A' category rating reflects Inox Wind's strong financial position, robust execution capabilities, large order book, and strong macro tailwinds.
INOX Wind Share Price Target:
As per Trendlyne data, the consensus recommendation from 4 analysts for Inox Wind Ltd. is BUY. EPS is expected to grow by 1707.4% in FY25. That being said, the 1-year average target price is at Rs 663, which signals a whopping 302% upside ahead.
Among the technical, the stock is trading above 8 out of 8 SMAs, while it is above 7 out of 9 Oscillators in the bullish zone.
As per Nirmal Bang, the simple moving average (SMA) is an easy method to calculate the moving average. It adds up the five current daily prices and divides them with the number five. The brokerage further explained that if the price of a particular stock goes above the moving average, it means that the price is in an upward trend. On the other hand, if the price of a particular stock falls below the moving average, it is an indication that the price is in a downward trend.
About Inox Wind:
Inox Wind Limited (IWL) is India's leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. IWL is a part of the US$ ~ 8 BN INOXGFL Group which has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy.
IWL is a fully integrated player in the wind energy market with four state-of-the-art manufacturing Plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where Blades, Tubular Towers, as well as Hubs & Nacelles are manufactured. With its state-of-the-art 3 MW series WTG offering, IWL's manufacturing capacity stands at ~ 2.5 GW per annum.
IWL's subsidiary, Inox Green Energy Services Ltd., is the only listed wind O&M services company in India, having a strong portfolio of >3.2GW and a multifold growth path ahead.
IWL offers complete end-to-end wind energy solutions from concept to commissioning to O&M, manufacturing key components of WTGs, using the most advanced technology, in-house, to maintain high quality, reliability and cost competitiveness.
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