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Inox Wind Limited (IWL) has clinched a substantial order for the supply of 210 MW of wind turbine generators (WTGs) from Hero Future Energies, marking a significant milestone in the renewable energy sector.
The order, tailored for IWL’s 3 MW WTGs, encompasses equipment supply alongside a suite of add-on services. Inox Wind will further extend post-commissioning multi-year operations and maintenance services as part of the agreement. The delivery of WTGs to Hero Future Energy is slated to commence from the third quarter of the fiscal year 2024-2025, with installations planned across South India.
Notably, the trading window for securities of Inox Wind Limited has been closed for Designated Persons and their immediate relatives since April 1, 2024, until 48 hours post the submission of Audited Financial Results for the quarter and financial year ending on March 31, 2024, to the Stock Exchanges.
With Inox Wind share prices having soared nearly 500% over the past year, the company's recent achievements further underscore its growth trajectory and market resilience.
Earlier in February 2024, IWL announced the inclusion of its 3 MW wind turbine generator, equipped with a booster capacity of up to 3.3 MW, in the Ministry of New and Renewable Energy's Revised List of Models and Manufacturers, signifying its technological prowess and compliance with governmental standards.
Furthermore, Inox Wind Limited secured a letter of intent from NLC India in January 2024 for a 50 MW inter-state transmission system-connected wind energy project, further solidifying its presence in the renewable energy landscape.
Inox Wind's recent success is also reflected in its share price performance, having surged over 10% in the last five trading sessions, nearing its all-time highs.
The company's latest announcement of a repeat order for 210 MW of its 3 MW WTGs from Hero Future Energies underscores its commitment to delivering efficient and sustainable solutions. Kailash Tarachandani, CEO of Inox Wind, expressed confidence in the efficiency of their 3MW WTGs, emphasizing the company's optimistic growth outlook.
Analysts at ICICI Securities have also weighed in on Inox Wind's prospects, upgrading the company to BUY with a target price of ₹675, signaling further upside potential for the stock trading at ₹606 levels.
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