Inox Wind stock: In early trading on the BSE, Inox Wind shares emerged as the top losers, following reports indicating that the company’s promoter entity, Inox Wind Energy Ltd, had divested up to a 5% stake in the company through a block deal. The transaction was carried out at a floor price of Rs 151 per share, reflecting a discount of 8% compared to the previous closing price
Inox Wind Energy owned a 38.43 percent investment in the business as of the March 2024 quarter; with the stake sale, that amount is now down to 33.43 percent.
In response to the block deal, Inox Wind’s stock plummeted by 9.57% to Rs 148.35 in early trading today, compared to the previous day’s close of Rs 164.05 on the BSE. Consequently, the market capitalization of Inox Wind dipped to Rs 19,459 crore on the BSE. Over one year, the stock has seen a remarkable surge of 405%, while over two years, it has witnessed an astounding rise of 584%.
A total of 169.80 lakh shares of the company changed hands, resulting in a turnover of Rs 257.61 crore on the BSE. -Inox Wind stock
With a beta of 1, Inox Wind shares indicate average volatility for a year. From a technical standpoint, the stock’s relative strength index (RSI) stands at 65, suggesting it is neither in the overbought nor oversold territory. Additionally, the stock is currently trading below its 5-day and 10-day moving averages, but above its 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving averages.
Inox Wind Limited (IWL) holds the position of being India’s primary provider of wind energy solutions, catering to Independent Power Producers (IPPs), utilities, Public Sector Undertakings (PSUs), and corporate investors
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