Block Deal: Inox Wind stock hits 10% lower circuit as 1.69 crore shares change hands

livemint.com:

₹147.65 after a 5 percent stake in the firm changed hands via a block deal at a floor price of ₹151, a discount of 8 percent from the previous close. The stock has rallied 460 percent in the last 1 year.According to media reports, approximately 1.69 crore shares of the firm were traded, resulting in a turnover of ₹257.61 crore on the BSE. The identities of the buyers and sellers have not been disclosed.

However, it is suggested that promoter entity Inox Wind Energy was likely the seller, as it planned to divest up to 5 percent of its stake in the wind energy solutions provider through block deals today.In the March 2024 quarter, Inox Wind Energy held a 38.43 percent stake in the company. This stake is expected to decrease to 33.43 percent following the sale. Additionally, other promoter groups held significant stakes: Aryavardhan Trading LLP with 5.23 percent, Inox Leasing and Finance Limited with 5.02 percent, and Devansh Trademart LLP with 4.19 percent.The stock hit its record high of ₹177 in the previous session, May 27.

Despite today's fall, the stock is trading over 415 percent higher than its 52-week low of ₹28.66, hit on May 29, 2023.Just in 2024 YTD, the scrip has advanced over 18 percent, giving positive returns in 2 of the 5 months so far. It has lost almost 6 percent in May after an over 20 percent gain in April. Before this it shed 13.5 percent in March, rose 26 percent in February and fell over 4 percent in January this year.In the March quarter, the wind energy solutions provider reported a consolidated net profit of ₹36.7 crore, a significant turnaround from the net loss of ₹119 crore in the same quarter the previous year.