Inox Green Stock Rises On O&M Contract Win; SEBI RA Sees 25% Potential Upside Above ₹174
Synopsis
The projects are spread across multiple sites in Western India.
Shares of Inox Green Energy Services rose as much as 5% to ₹164 after the company bagged an operations and maintenance (O&M) contract in premarket hours on Tuesday.
In a press release, the company provider announced that it has signed an agreement with one of India’s largest diversified conglomerates for the comprehensive O&M of 182 MW of operational wind projects. The name of the conglomerate was not disclosed.
The projects, spread across multiple sites in Western India, are connected to Inox Green’s common infrastructure. The deal includes converting 82 MW of wind assets from limited-scope to comprehensive O&M, along with the early renewal of comprehensive O&M for an additional 100 MW, well ahead of its scheduled due date.
Technical Breakdown
The stock is showing strength on the short-term chart, forming higher lows, generally seen as a bullish indicator, said SEBI-registered analyst Prabhat Mittal.
On the upside, the stock faces stiff resistance at ₹174, as marked by the red line on the chart.
Currently, it is trading above the 50-day, 100-day, and 200-day moving averages and is also on the verge of crossing the 20-day moving average, Mittal noted. The price pattern is shaping into a symmetrical triangle, with strong support at ₹153.
He recommended taking up fresh positions at the current ₹158 - ₹160 range, with a strict stop loss at ₹150. A breakout above ₹174 could open the path to ₹215 in the medium term.
What Is The Retail Mood?
Retail sentiment on Stocktwits turned ‘extremely bullish’, from 'neutral', amid ‘extremely high’ message volumes.
At the time of writing, the Inox Green shares were up 2.73% at ₹160.50.
Year-to-date, the stock has shed over 8%.
Inox Green Energy Services is a major renewable power operations and maintenance service provider in India with over 5 GW of renewable assets under management.
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