Inox Wind Energy, Inox Wind surge up to 11% on heavy volumes

Shares of Inox Wind Energy and Inox Wind surged up to 11 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes in an otherwise range-bound market.

Share of Inox Wind Energy hit a 52-week high of Rs 1,591.30, as they rallied 11 per cent. The Group is engaged in the business of manufacture and sale of Wind Turbine Generators (WTGs) and generation and sale of wind energy. It also provides Erection, Procurement and Commissioning (EPC) services, Operations and Maintenance (O&M) services, wind farm development services and Common Infrastructure Facilities for WTGs. The area of operations of the Group is within India.

The business is trying to meet the growing demand for renewable energy by expanding and enhancing its existing production facilities. Furthermore, as part of its plan to provide turnkey solutions for wind farm projects, the business expects to seek further wind site purchase and development possibilities to refill and extend its Wind Site inventory. Furthermore, the firm will continue to increase wind energy generating efficiency by introducing more modern WTGs.

Ministry of Power on Monday announced a complete waiver of the inter-state transmission system (ISTS) charges on the off-shore wind, green hydrogen, and green ammonia projects for 25 years.

This decision has been taken to facilitate wider execution of offshore wind energy initiatives, to promote the expansion of green hydrogen and green ammonia projects, and to encourage the offtake of renewable energy from energy storage system projects, said the ministry in a statement. CLICK HERE FOR REPORT

Meanwhile, shares of Inox Wind rallied 9 per cent to Rs 146.60 after the company announced that it bagged an order for a 150MW wind power project from NTPC Renewable Energy Limited, a wholly subsidiary of NTPC Green Energy Limited, which is the RE business vertical of NTPC. The project shall be executed in the state of Gujarat. With this the total orders from NTPC stands at 550MW awarded till date to Inox Wind.

The average trading volumes at the counter jumped over four-times today. A combined 6.2 million shares changed hands on the NSE and BSE till 11:37 AM.

India has set ambitious targets for renewable energy, aiming to reach 175 GW by 2022 and 450 GW by 2030. To support these objectives, the government has launched initiatives like 'Atma Nirbhar Bharat Abhiyan'. As a provider of comprehensive solutions across the wind power value chain, Inox Wind has a substantial order book, making it a key player in the industry.

Inox Wind is India’s leading wind energy solutions provider servicing IPPs, Utilities, Public Sector Undertakings (PSUs) & Corporate investors. IWL manufactures key components of WTGs and offers complete end-to-end solutions from concept to commissioning. Besides manufacturing and supply of WTGs, Inox Wind offers services including wind resource assessment, site acquisition, infrastructure development, erection and commissioning, and long-term O&M of wind power projects.