Inox Wind Limited is very much sure of executing of its 250 MW wind energy project in Gujarat which it has achieved in the auctions in spite of the ongoing litigation at the National Company Law Tribunal (NCLT), reported by a national business daily.
According to government officials, the company will be able to complete the project as it has deposited the bank guarantee for the same. It is expected that the financial closure for the project will be done by the end of December 2017 and the same will be commissioned by September 2018.
This project will help in decreasing the wind-generated electricity tariff to Rs 3.46 per unit which is lowest in the country.
Meanwhile, leading rating agency, CRISIL placed Inox Wind under 'Rating Watch' with a negative view.
The stock was trading at Rs 141.50, down by 2.14% on BSE at 1132 hours. The scrip touched its intraday high and low at Rs 146.40 and Rs 141.50, respectively.
Inox Wind Ltd is currently trading at Rs 139.9, down by Rs 4.7 or 3.25% from its previous closing of Rs 144.6 on the BSE.
The scrip opened at Rs 145 and has touched a high and low of Rs 146.4 and Rs 138.9 respectively. So far 641222(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 3208.94 crore.
The BSE group ‘B’ stock of face value Rs 10 has touched a 52 week high of Rs 235.9 on 19-Jul-2016 and a 52 week low of Rs 113.75 on 06-Jun-2017. Last one week high and low of the scrip stood at Rs 167.5 and Rs 143 respectively.
The promoters holding in the company stood at 85.62 % while Institutions and Non-Institutions held 3.67 % and 10.71 % respectively.
The stock is currently trading below its 200 DMA.
Source Link – India Info Line