Shares of Inox Wind Ltd hit a 10% lower circuit on 28 May after the promoter of the company offloaded a 5% stake via a block deal. 

The company’s promoter, Inox Wind Energy, offloaded a 5% stake at a floor price of Rs 151 per share, which is an 8% discount from the previous close of 27 May. 

According to the company’s latest shareholding data, Inox Wind Energy held a 35.43% stake in the company, which after the block deal was cut to 33.43% after the stake sale. 

In its quarterly earnings for January-March, the company reported a consolidated net profit of Rs 36.7 crore for the quarter from Rs 119 crore net loss reported in the same quarter last year. Moreover, the revenue during the quarter also gained more than double to Rs 527.7 crore. 

Earlier, the company secured its largest wind project order to date, amounting to 1,500 megawatts (MW). This significant achievement further strengthened the company’s already robust order book, which currently stands at 2.7 gigawatts (GW). The increased order book now holds a revenue potential of Rs 18,000 crore for the company.

Inox Wind, a prominent provider of wind energy solutions in India, caters to a wide range of clients, including IPPs, Utilities, PSUs, Corporations, and Retail Investors. With its three cutting-edge manufacturing plants located in Gujarat, Himachal Pradesh, and Madhya Pradesh, Inox Wind is a fully integrated player in the wind energy market, boasting a combined manufacturing capacity of 1,600 MW.

To ensure superior quality, performance reliability, and cost competitiveness, Inox Wind manufactures the essential components of the Wind Turbine Generator (WTG) using state-of-the-art technology. These WTGs are specifically designed for low wind speed sites, such as those commonly found in India.

At 11:53 pm, the shares of Inox Wind were locked 10% lower at Rs 147.75 on NSE.