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Wind energy solutions provider Inox Wind said on Tuesday that it has offloaded stake worth Rs 175 crore in its subsidiary Inox Renewable Solutions to investors at a valuation of Rs 7,400 crore. The news triggered positive momentum in the Inox Wind stock -- traded with the symbol INOXWIND on exchanges BSE and NSE. Indox Renewable Solutions is an engineering, procurement and construction (EPC) subsidiary of Inox Wind.

Inox Wind shares gained as much as 5.9 per cent to Rs 148.2 apiece on BSE during the session.

At 1:10 pm, the stock held on firmly to the green, trading up 2.9 per cent for the day at Rs 144.1 apiece on the bourse.

Inox Green Energy Services (INOXGREEN) shares were up 0.7 per cent at Rs 157.1 apiece.

The post-merger valuation of Inox Renewable Solutios stands at Rs 7,400 crore, according to Inox Wind.

Stock exchanges recently gave the nod to the plan to separate Inox Green’s substation unit and then merge it with Inox Renewable Solutions.

ALSO READ: Inox Wind gets 51 MW order from First Energy for Tamil Nadu wind project; shares hold steady post announcement

At the current level, Inox Wind shares have declined about 23 per cent so far this year, underperforming a 5.3 per cent rise in the Nifty 50.

Many analysts have positive views on Inox Wind shares.

Axis Direct has a 'buy' rating assigned to the stock with a target price of Rs 190.

ICICI Securities also has a 'buy' call on Inox Wind, with a target price of Rs 170 per share.

At Monday's closing price, the brokerages' targets indicate a potential gain of 21.5-35.8 per cent in the Inox Wind counter.

ALSO READ: Cabinet approves Pradhan Mantri Dhan-Dhanya Krishi Yojana, Rs 20,000 crore investment by NTPC to boost renewable energy capacity

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