homemarket Newsstocks NewsInox Wind stock prices up on merger announcement, witnessing high turnover
Inox Wind stock prices up on merger announcement, witnessing high turnover
The merger announcement between Inox Wind and Inox Wind Energy has set the stage for a remarkable surge in the value of both stocks. Investors have witnessed significant gains, with the stocks reaching fresh 52-week highs. Moreover, the surge in trading volume on July 10 indicates a strong market response to the merger and heightened investor interest. As the market continues to digest the implications of the merger, it will be interesting to observe how these stocks perform in the coming days and whether the positive momentum can be sustained.
Inox Wind and Inox Wind Energy Ltd (IWEL) experienced a remarkable surge in their stock prices on July 10, 2023. The announcement of a merger between these two group entities, made a month ago, triggered a rally that propelled the stocks to fresh 52-week highs. Investors have witnessed a substantial increase in the value of these stocks, with gains ranging between 35 percent and 40 percent. Notably, the surge in stock prices was accompanied by a surge in trading volume, surpassing the turnover of the previous few days.
The recent surge in the stocks of Inox Wind and Inox Wind Energy can be attributed to the merger announcement between the two entities. Following the announcement made a month ago, both stocks experienced significant upward momentum, resulting in impressive gains. Inox Wind recorded an increase of 15 percent, while Inox Wind Energy saw a rise of nearly 8 percent. These gains pushed the stocks to reach new highs, reflecting the market's positive response to the merger.
While the stocks had been steadily rising over the past ten days, the surge witnessed on July 10 was accompanied by a substantial increase in trading volume. Inox Wind's turnover reached approximately Rs 180 crore on that day, marking a six-fold increase compared to the average turnover of Rs 30 crore over the preceding ten days.
Similarly, Inox Wind Energy saw its turnover on the NSE rise to around Rs 30-31 crore, significantly surpassing the average turnover of the previous ten days. The increase in trading volume suggests heightened investor interest and a surge in demand for these stocks.
The rise in turnover signifies a substantial influx of buyers and sellers in the market, leading to increased liquidity and volatility. It indicates that a large number of shares exchanged hands, highlighting the heightened trading activity and market participants' increased engagement. Such a surge in volume can be interpreted as a strong vote of confidence from market participants, who are actively responding to the merger announcement and the potential value it may bring.
For more details, watch the accompanying video
(Edited by : C H Unnikrishnan)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
In Andhra Pradesh's silk hub, weavers' cry for help echoes through election season
May 3, 2024 12:24 PM
Feroze Gandhi to Rahul Gandhi: Rae Bareli's tryst with Congress
May 3, 2024 11:36 AM
Rahul Gandhi to contest from Raebareli, close aide KL Sharma from Amethi
May 3, 2024 8:39 AM
BJP's Hindi heartland dominance faces test in phase 3 polls
May 2, 2024 9:14 PM