Shares of Inox Wind Ltd. jumped to hit their highest level in nearly two months on Tuesday after the company said its board will meet on Thursday to consider and approve the proposal for issuance of bonus equity shares. The stock has gained around 11% in its three-day rally.
Shares of the company rose as much as 9.02% to Rs 645.90 apiece, the highest level since Feb. 27. It pared gains to trade 2.34% higher at Rs 605.95 apiece as of 12:04 p.m. This compares to a 0.33% advance in the NSE Nifty 50.
The stock has risen 21.6% on a year-to-date basis and 471.21% in the last 12 months. Total traded volume so far in the day stood at 2.28 times its 30-day average. The relative strength index was at 66.72.
Four analysts tracking the company have a 'buy' rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.5%.
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