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Shares of the Inox Wind jumped 12.81% in four trading sessions from its recent closing low of Rs 140.55 on 13 June 2023.
On the BSE, 3.87 lakh shares were traded in the counter so far compared with average daily volumes of 1.51 lakh shares in the past two weeks. The stock hit an all-time high of Rs 165.25 on BSE. The counter zoomed 119.16% from its 52-week low of Rs 75.40 recorded on 1 July 2022.
The stock had outperformed the market over the past one month, advancing 39.51% compared with 2.17% rise in the Sensex.
The scrip had outperformed the market in past three months, increasing 54.68% as against Sensex's 8.76% jump.
However, the counter had outperformed the market in past one year, rising 88.75% as against Sensex's 22.8% surge.
On the technical front, the stock's daily RSI (relative strength index) stood at 74.592. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 119.74, 109.72 and 119.42 respectively. These levels will act as crucial support zones in near term.
Inox Wind is a fully integrated player in the wind energy market with three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh.
On a consolidated basis, Inox Wind reported net loss of Rs 117.51 crore in Q4 March 2023 as against net loss of Rs 255.64 crore in Q4 March 2022. Net sales rose 40.30% YoY to Rs 192.77 crore in Q4 March 2023.
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