Shares of Inox Wind Energy (IWEL) hit a record high of Rs 1,010 as they surged 5 per cent on the BSE in Tuesday’s intra-day trade. The stock of the INOX GFL Group surpassed its previous high of Rs 992, which it had touched on November 4, 2021.
Since August 28, i.e. in the past six weeks, the market price of Inox Wind Energy has zoomed 101 per cent from a level of Rs 502. In the past one week alone, it rallied 26 per cent as compared to 1.5 per cent rise in the S&P BSE Sensex.
The Group is engaged in the business of manufacture and sale of Wind Turbine Generators, and generation and sale of wind energy. It also provides Erection, Procurement and Commissioning services; Operations and Maintenance services; wind farm development services; and Common Infrastructure Facilities for WTGs. The area of operations of the Group is within India.
IWEL was established as a wholly owned subsidiary of GFL Limited. It is a subsidiary of Inox Leasing and Finance Limited, which presently holds 52.93 per cent of the Company’s Paid-up capital.
Under the Paris Agreement, the government has prioritised renewable energy development through its Intended Nationally Determined Contribution (INDC) objectives. It had set a target of 175 GW of renewable energy capacity by the end of 2022, with 60 GW coming from wind energy, to grow to 500 GW by 2030, with 140 GW coming from wind energy. To that end, the government has planned wind auctions of 10GW each year until 2028, creating an excellent opportunity for enterprises in the field to grow and expand.
On the other hand, the government of Gujarat has opened the world’s largest Hybrid Renewable Energy Park with a capacity of 30 GW in the region of Kutch. More hybrid parks like solar parks are scheduled to be created Nationwide.
“These mixed parks will operate plug-andplay, with stat/development agencies providing land and power evacuation facilities. Furthermore, the government is developing a ‘green tariff’ policy to assist electricity distribution firms (DISCOMs) in supplying electricity generated from clean energy projects at a lower cost than power generated from conventional fuel sources such as coal,” IWEL said in its FY22 annual report.
The business is trying to meet the growing demand for renewable energy by expanding and enhancing its existing production facilities. Furthermore, as part of its plan to provide turnkey solutions for wind farm projects, the business expects to seek further wind site purchase and development possibilities to refill and extend its Wind Site inventory. Furthermore, the firm will continue to increase wind energy generating efficiency by introducing more modern WTGs, the company added.