3:1 Bonus Share: Wind Energy Stock Hits 10% Lower Circuit Post Bonus Share Allotment

Inox Wind Ltd shares today traded 10% lower circuit after the company allotted an aggregate of 97,78,45,488 fully paid-up Bonus Equity Shares of Rs. 10/- (Rupees Ten) each. Current market price of Inox Wind share on BSE is Rs 147.65 per share. The company has a market capitalisation of Rs 19,250.52 crore. Inox Wind shares declined 3.59% in last 1-week and offered whopping returns of 405% in last 1-year. Earlier on April 25, 2024 the company recommended 3:1 bonus issue and fixed May 25, 2024 as the record date. Inox Wind on May 3, 2024 announced its consolidated net profit at Rs 36.72 crore for the March 2024 quarter amid soaring income as against the net loss of Rs 119.04 crore declared in the corresponding quarter of last year. More details below:

Inox Wind Allots Bonus Shares: As per the regulatory filing of the company dated May 27, 2024, "the IWL Committee of the Board of Directors for Operations of the Company has today i.e. 27th May, 2024, allotted an aggregate of 97,78,45,488 fully paid-up Bonus Equity Shares of Rs. lo/- (Rupees Ten) each by way of allotment of Bonus Equity Shares in the proportion of 3:1 i.e. 3 (Three) new fully paid-up Bonus Equity Shares of Rs. 10/- (Rupees Ten) each for every 1 (One) existing fully paid-up equity share of Rs. 10/- (Rupees Ten) each held by the eligible members whose names appeared in the list of beneficial owners as of 25th May, 2024, being the Record Date fixed for this purpose."

Inox Wind Share Performance: The 52-week high price of Inox Wind Ltd shares on BSE is Rs 177.00 per share (as on 27/05/2024) and 52-week low price is Rs 28.66 per share (as on 29/05/2023), respectively. Inox Wind shares fell over 7% in last 1-month, declined 2% in last 3-months, offered return of 109% in last 6-months, and zoomed 584% in last 2-years. In last 3-years, Inox Wind Ltd shares jumped 702% and 781% in last 5-years.

Inox Wind Ltd Q4: The company for the March 2024 quarter announced a sharp surge in its total income to Rs 563.07 crore as against Rs 193.83 crore declared in the similar quarter of last year. Its expense came at Rs 512.50 crore for the March 2024 quarter as compared to Rs 312.43 crore in the preceding quarter of last year. Inox Wind bagged single largest wind project order of 1,500 MW from a renowned power utility for the quarter under review, leading to a robust order book of 2.7 GW (excluding letter of intent) having a revenue potential of Rs 18,000 crore.

About: 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, according to BSE filing of the company.

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The stock highlights the bonus share and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.