Suzlon Peer Inox Wind Bags Order For Its Wind Turbine Generators, Shares Fly 6%

Inox Wind‘s share price soared over 6% to hit an intraday high of ₹168.90 on Tuesday morning.

What Happened: The wind energy major has secured a 200-megawatt order for its 3-megawatt wind turbine generators (WTGs), the company said on Tuesday. The order, placed by a renewable commercial and industrial power producer, will be executed on a turnkey basis, Inox said in a statement.

The project will span across Gujarat and Rajasthan. Besides the installation, Inox Wind will also offer post-commissioning operations and maintenance services for several years.

“Inox Wind continues to be a preferred partner for renewable project developers given our capabilities and credentials to deliver large-scale wind projects,” said Kailash Tarachandani, CEO of Inox Wind.

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The order comes on the heels of the company becoming net debt free, following a ₹900-crore infusion from its promoter, Inox Wind Energy Limited. The capital was raised on May 28 through the sale of Inox Wind’s equity shares in block deals on various stock exchanges and is set to be used for the complete repayment of the wind energy major’s external term debt.

Price Action: Inox Wind’s share price was up 3.45% to trade at ₹163.51 as the markets opened on Tuesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.