Inox Wind shares rally 9% ahead of board meet to consider bonus share proposal

Inox Wind shares jumped 9% on Tuesday, April 23, after the company announced that its board will consider a proposal for the issue of bonus shares to eligible shareholders.

Rising for a third straight day, Inox Wind shares advanced further by 9.02% to trade near year-high levels at ₹645.9 per share on the NSE in morning deals.

Inox Wind shares later pared some of the gains to trade 2.3% higher at ₹606 apiece on the NSE at 2:50 pm. The stock is trading around 5% lower from its 52-week high of ₹648 hit on February 27, 2024. The stock has however skyrocketed 536% from the 52-week lows hit in April last year.

Board meet on Apr 25 to consider bonus share issue

Inox Wind informed the stock exchanges that its board will meet on April 25 to consider the bonus share issue.

“Meeting of the Board of Directors of the Company is scheduled to be held on Thursday, 25th April, 2024, inter-alia, to consider and approve the proposal for issuance of Bonus Equity Shares to the shareholders of the Company,” Inox Wind said in a filing to the stock exchanges.

Bonus share issues help companies increase the number of shares available for trade as well as market liquidity. It becomes easier for small investors to purchase shares.

Bonus shares are issued in proportion to existing shares and these do not result in any stake dilution of promoters.

Bonus share issues also exhibit a company’s confidence in its long-term profitability and robust financial health. Bonus shares are also issued to reward shareholders.

New order wins boost Inox Wind shares

Inox Wind shares have been on a rising streak since Friday, April 19, after the company announced new order wins. The stock has risen around 17% in 2024 so far while it has given returns of 479% in the past year on new order wins.

Inox Wind last week announced bagging an order for 210 MW of Wind Turbine Generators (WTGs) from Hero Future Energies (HFE). It was a repeat order from HFE which is one of the leading renewable energy players in India.

Inox Wind is one of the leading wind energy solutions providers in India.