Shares of Inox Wind Energy Solutions Ltd have been on an uptrend since the early morning dealing. The renewable energy stock extended its early morning gain and touched an intraday high of ₹131.80 per share on the NSE, clocking an intraday gain of over 15%. Inox Green Energy Services share price today opened upside at ₹117.04 per share and touched an intraday high of ₹131.80 per share on the NSE.
According to market experts, Inox Green Energy Solutions Ltd share price is skyrocketing today as the company has declared an acquisition of Wind World India's 4.5 GW O&M business worth ₹550 crore. They also believe that soaring crude oil prices boost demand for renewable energy companies, and the company is benefiting from this. They see more upside in the stock and have advised shareholders to hold for a one-month target of up to ₹170.
Speaking on the reasons that are fueling Inox Green Energy Solutions shares, Mahesh M Ojha, VP — Research at KC Securities, said, “Inox Green Energy Solutions Ltd is a green energy company, which has announced the CAPEX expansion by acquiring Wind World India's 4.5 GW O&M business worth ₹550 crore. Apart from this, crude oil prices are at elevated levels, which has created demand for the renewable energy companies. Inox Green Energy Solutions, being a renewable energy company, is reaping the benefit of higher crude oil prices as well.”
Expecting the upside to continue further, Mahesh Ojha said, “Existing shareholders should hold the scrip, maintaining a stop-loss below ₹116 for the immediate targets of ₹146 and ₹155.”
On the suggestion to the fresh investors, Sumeet Bagadia, Executive Director at Choice Broking, said, “Fresh investors are advised to buy above ₹135 for the upside targets of ₹160 and ₹170. However, they must maintain a strict stop-loss at ₹115, while taking any fresh position in the scrip.”