Inox Wing Shares: Shares of Inox Wind Ltd rose 7 per cent in early trade today amid reports that a block deal worth Rs 500 crore is likely to be executed today by the promoter entity of Inox Wind to reduce its stake in the wind energy company. As many as 1.94 crore shares equivalent to 5.9 per cent equity of the company changed hands.
The stock hit a 52-week high of Rs 224.80 after the deal.
A clutch of foreign institutional investors (FIIs) along with Nippon Mutual Fund and others are reported to have bought the shares in the company via block deal, according to a media report.
CNBC-TV18, citing sources, reported that the promoter entity of the wind energy solutions provider was likely to sell a stake worth Rs 500 crore via a block deal on Tuesday. It was reported that the offer price for the deal will be at a maximum discount of five per cent against the current market price.
In terms of technicals, the relative strength index (RSI) of the stock stands at 64.9, signaling it’s trading neither in the overbought nor in the oversold zone. Inox Wind shares have a beta of 0.6, indicating very low volatility in a year. Inox Wind shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock has gained 110 per cent in one year and risen 99.50 per cent since the beginning of this year. Market cap of the firm stood at Rs 7084.49 crore.
Inox Wind is an India-based integrated wind energy solutions provider. The company is engaged in the business of manufacture and sale of wind turbine generators (WTGs). It also provides erection, procurement and commissioning (EPC), operations and maintenance (O&M) and common infrastructure facilities services for WTGs and wind farm development services.
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