Inox Wind stock rises 7% on repayment of Rs 411-crore debt

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Shares of Inox Wind rose 7% in early trade today after the company and its arm Inox Green Energy Services repaid loans worth Rs 411 crore. Shares of Inox Wind rose 6.88% to Rs 131.20 against the previous close of Rs 122.75 on BSE. Inox Wind stock has been rising since last two sessions.

Small cap stock trades higher than 5 day, 100 day and 200 day moving averages but lower than 20 day and 50 day moving averages. The stock is up 6.46% in one year and has gained 11% since the beginning of this year. The market cap of the firm stood at Rs 3,553 crore.

Total 0.35 lakh shares of the firm changed hands on BSE for a turnover of Rs 45.33 lakh.

Inox Wind Limited and its subsidiary Inox Green Energy Services Limited have recently committed Rs 250 crore and Rs 161 crore (a total of Rs 411 crore) to reduce their debt as part of strategic initiatives to reduce their respective balance sheets. crore) has been paid. the filing said.

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Consequently, the corporate guarantee given by Gujarat Fluorochemicals Limited has also stood diluted to that extent.

The statement added that both the companies are in the process of further reducing their debt in the coming years.

The firm reported a loss of Rs 129.27 crore in the first quarter as against a loss of Rs 52.32 crore in the June quarter of the previous fiscal. However, sales in the June quarter grew by 24.36% to Rs 210.62 crore as against Rs 169.36 crore in the first quarter of the previous fiscal.

On a quarter-on-quarter basis, the loss narrowed from Rs 255.64 crore in the March quarter of the previous fiscal. Sales grew 53.29% from Rs 137.40 in the March quarter.

Inox Wind is an India based integrated wind energy solutions provider. The company is engaged in the business of manufacturing and selling Wind Turbine Generator (WTG). It also provides Erection, Procurement and Commissioning (EPC), Operation and Maintenance (O&M) and general infrastructure services for WTGs and wind farm development services.

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