Inox Wind Stock Price: The share of renewable energy sector company Inox Wind Ltd (NSE: INOXWIND) jumped 3 % in early trade on September 23 and created a new 52-week high. The company has signed an agreement to join forces with a group of banks which is led by ICICI Bank.
Under this agreement, banking facilities of about Rs 2,200 crore will be obtained. These include mainly limits that are not based on funds, such as bank guarantees and letters of credit.
These facilities have been approved without any corporate guarantee or support from Gujarat Fluorochemicals Limited, a company of the InoxGFL group. The company disclosed these details to stock exchanges.
Inox Wind Ltd’s share opened with a gain of Rs 260 on the BSE in the morning. Immediately rose 3 percent from the previous close price and reached a high of Rs 261.90. This is the 52-week record for the stock.
As of the closing bell, the stock had settled nearly even, but it was in the red at 253.50 rupees. The stock price has risen 427.58% in the last year. The money has doubled in just 6 months.
The Bank Limit Is Anticipated To Rise To 2,400 Crore Rupees
In an exchange filing, Inox Wind Ltd said that based on the working capital assessment done by ICICI Bank, the bank limit is expected to increase to Rs 2,400 crore. All before corporate guarantees provided through Gujarat Fluorochemicals to Inox Wind will be canceled shortly.
According to the statement, Inox Wind’s balance sheet has become net cash positive after recent money-raising activities and improvements in operations.
InoxGFL Group CFO Akhil Jindal said that this will lead to a significant reduction in contingent liabilities, which will further strengthen the balance sheet of Gujarat Fluorochemicals.
The group companies have robust balance sheets, with excellent operational performance, and are positioned to be leaders in areas like renewable energy and chemical.
Quick Fact
| Company name | Inox Wind |
|---|---|
| Sector | Renewable energy |
| Bank agreement | Group of banks led by ICICI Bank |
| Banking facilities | ₹2,200 crore |
| Type of facilities | Non-fund-based (bank guarantees, letters of credit) |
| Corporate guarantee | None from Gujarat Fluorochemicals |
| Opening share price | ₹260 |
| 52-week high price | ₹261.90 |
| Previous close price | ₹253.50 |
| Share price change (last year) | Increased 427.58% |
| Share price change (last 6 months) | Doubled |
| Expected bank limit increase | ₹2,400 crore |
| Balance sheet | Net cash positive |
| Contingent liabilities | Expected significant reduction |
| Group focus areas | Renewable energy, chemicals |
| Group companies’ balance sheets | Strong |
| Operational performance | Excellent |
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