 "Inox India jumps 7% after winning big contract from UK's Highview Power")
Shares of Inox India surged 7.28 per cent at Rs 1,212.90 a piece on the BSE after the won a large contract from a UK based company Highview Power.
The cryogenic technology solution company secured the contract from Highview Power, UK for their upcoming liquid air energy storage (LAES) facility at Carrington, Manchester, UK.
Under the contract, Inox India will supply 5 Vertical 690kl, high pressure EN Design vacuum insulated cryogenic tanks for the project. The company said that this contract marks its entry into the field of liquid air energy storage and represents the company's first order for a liquid air energy storage project.
"We are thrilled to partner with Highview Power on this groundbreaking renewable energy project. By leveraging our expertise in large-scale cryogenic equipment, we aim to contribute substantially to the UK's energy storage capabilities and transition to cleaner energy sources,” said Siddharth Jain, promoter & non-executive director, Inox India.
Moreover, the company is scheduled to deliver its second quarter earnings for the financial year 2024-25 (Q2FY25) today, November 8, 2024.
Inox India is a leading company that designs, manufactures, and installs equipment and systems for cryogenic applications. The company focuses on producing cryogenic storage tanks, which are used for the safe storage, transportation, and distribution of industrial gases.
Inox India serves a wide range of industries, including medical, healthcare, chemicals, fertilisers, aviation, aerospace, pharmaceuticals, construction, green hydrogen, energy, steel, and gas, providing solutions for liquid cryogenic storage and transport needs across these sectors.
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The company’s stock has underperformed the market year to date as it has risen 37 per cent. In comparison BSE Sensex has risen 10.1 per cent year to date.
The company has a total market capitalisation of Rs 10,922.03 crore. At 12:09 PM; the stock of the company was up by 6.48 per cent at Rs 1203.80 per share. By comparison, the BSE Sensex was down by 0.25 per cent at 79,340.