Indian benchmark indices are in the pink of their health as the NSE benchmark Nifty50 has extended its gains and marked a fresh swing high on Tuesday morning. Nifty after opening around the level 18,600 mark, dipped to an intra-day low of 18,575.50 and currently, it is trading near the day’s high.
Over the last couple of trading sessions, we have seen one stock that has been surging like there is no tomorrow is Inox Wind Ltd.
Inox Wind Limited (IWL) is India’s leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. IWL is a part of the USD 5 BN INOX GFL Group, the group has a legacy of over nine decades and is primarily focused on two business verticals – chemicals and renewable energy.
The stock has jumped over 20% from the start of the week and on Tuesday alone the stock is up by over 7%. Interestingly, the up-move is seen on the back of robust volume as in the first hour of the trade itself the stock has seen over 35 lakh shares traded.
The key catalyst behind the surge in the stock price is company has 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 Limited. The project shall be executed in the state of Gujarat. With this, the total orders from NTPC stand at 550MW awarded to date to Inox Wind.
Kailash Tarachandani, CEO of Inox Wind, expressed his gratitude towards NTPC REL for awarding this 150 MW project to Inox Wind. He also expressed the Company’s aspiration to cultivate a long-term partnership with NTPC, serving as their trusted supplier and contributing towards the realization of their ambitious renewable energy goals.
‘As part of the order, Inox Wind will supply and install existing and new technology state of the art Wind Turbine Generators. Additionally, as part of the agreement, Inox Wind will be responsible for operation and maintenance (O&M) services for the project. This addition will contribute to the expansion of Inox Wind’s O&M fleet, enhancing overall profitability,’ said Tarachandani.
From a technical standpoint, the stock is currently trading above all its key moving averages and more importantly, all key moving averages are in an upward trajectory. Hence, keep this stock on your watchlist as technical and fundamental development in recent times, would keep buyers attracted towards this stock.