Market Movers: A wind energy firm doubles money in just three days

MUMBAI: While billionaire Mukesh Ambani’s recent announcement of his green ambitions did not have the desired effect on the company’s stock, another renewable sector play surely reaped the benefits of the renewed interest in green energy.

Inox Wind Energy, a company carved out of

Ltd earlier this year, listed on the bourses this month at around Rs. 200 per share but full-fledged trading on the stock started on Friday. In just three days, the stock has doubled investors’ money, especially as marquee names like Enam Securities entered the fray on Friday. Take that, Bitcoin!

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The stock has managed to ride the wave of interest from investors in New Age renewable energy companies that are seen as becoming high growth stocks in the coming years as India and other global economies transition to greener sources of energy.

With interest from investors burgeoning in companies that score high on ESG metrics, Inox Wind Energy has good days to look forward to. Investors, however, will hope that the stellar show of the stock will also translate to stellar earnings performance. We don’t want another in our hands. Do we now?

Financials take a beating
Shares of financial services went home bruised on Tuesday as the market forces weren’t convinced that the sector deserves to run hot like other spaces such as metals, energy and pharmaceuticals. While the analyst community and some money managers remain convinced that the sector’s bad days are in the rear view mirror, investors are still not that sure whether the sector will show the kind of growth that deserves premium valuations. That view stands in contrast to the expectation that the economy will run hot in the coming years as strong economic growth is generally complemented by strong credit growth.

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gets a Moderna boost

Shares of the drug maker got a booster shot on Tuesday, and it was good. The company has signed up with Moderna to distribute the donated vaccines by the US in India, and also secured approval of India’s drug regulator for emergency use authorisation. While the initial distribution is of donated vaccines, one can make an educated guess that the legendary company will probably also sell the commercial vaccines in the country soon enough. If that turns out to be the case, one of 2020’s best performing Nifty50 stocks may have another go at the title this year too.

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