Crisil upgrades ratings to BBB, revises outlook

Credit rating firm Crisil BBB has upgraded its ratings from Crisil A 3 to Crisil A 2 short term ratings and also revised its outlook from stable to positive in relation to ratings.

The stock of Inox Green Energy went up to 6.3% to Rs 49.8 against the previous close of Rs 46.85 on the BSE. The stock has gained 11% in the past two sessions.

On the BSE, total shares changed hands of 2.91 lakh, amounting to a turnover of 1.41 crore.

The firm's market cap rose to 1394 crore. On December 26th, 2022, the stock hit a 52 week low of Rs 40 and a 52 week high of Rs 63.95 on November 23, 2022.

Skipper shares are trading higher than the 200 day, 20 day, 50 day, 100 day and 5 day moving averages. The stock has gained 81.64% in 2022 and jumped 85% in a year.

Inox Green Energy shares are trading higher than the 5 day moving averages but are lower than 20 day, 50 day, 100 day and 200 day moving averages. The stock has gone up 17.42% in a week.

Crisil expects to see improvements in the business risk profile, due to higher revenue and cash accrual from execution of orders and steps taken by the promoters during fiscal 2023 to reduce debt, which has resulted in an improvement in the financial profile, the firm said.

On November 23, 2022, Inox Green Energy Services made a weak market debut as the scrip was listed at Rs 60.50 on BSE, a 6.92 per cent discount to its issue price of Rs 65. The scrip debuted at Rs 60, down 7.69 per cent, on the NSE.

Inox Green Energy Services is a subsidiary of Inox Wind Limited and is part of the INOXGFL Group, which is principally active in the speciality chemicals and renewable energy sectors. It has historical connections with the wider Inox Group which started operations in 1923. The company is engaged in the business of providing maintenance O&M services and common infrastructure facilities for wind turbine generators.