Shares of Inox India Ltd. rallied 7%, reaching a day’s high of Rs 1,213.60 on 8th November after the company announced it had won a large contract from the UK-based Highview Power.

Inox India secured a contract from UK-based Highview Power for its upcoming liquid air energy storage (LAES) facility in Carrington, Manchester. Under the agreement, Inox will supply five high-pressure, vacuum-insulated cryogenic tanks (690kl) for the project.

This contract marks Inox India’s entry into the liquid air energy storage sector and is its first order for such a project.

Siddharth Jain, Promoter and Non-Executive Director of Inox India expressed excitement about the partnership, emphasising their goal to enhance the UK’s energy storage capacity and support the transition to cleaner energy.

Inox India is set to announce its second-quarter earnings for FY 2024-25 (Q2FY25) on 8th November 2024.

The company is a leader in designing, manufacturing, and installing cryogenic equipment, specialising in cryogenic storage tanks for the safe storage, transport, and distribution of industrial gases.

So far, in 2024, the shares of Inox India have surged by nearly 34.5%. Currently, the firm’s market capitalisation stands at around Rs 10,687 crore.

At 01:59 PM, the shares of Inox India were trading 4.17% higher at Rs 1,178 on NSE.

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