- INOX India shares have been on an uptrend since the last week of January 2024, with a nearly 60 percent rise in the share price.
- The company’s strong position in the cryogenic storage industry and recent partnership with Adani Total Gas are contributing to this upward trend.
- Experts predict that INOX India shares may continue the bull trend and touch the ₹1500 mark in the short term.
INOX India shares are on the rise, with experts predicting a short-term target of ₹1500. The company’s strong position in the cryogenic storage industry and recent partnership with Adani Total Gas are key drivers of this trend.
INOX India’s Strong Position in Cryogenic Storage
INOX India Limited has a strong track record of innovation in cryogenic storage and transportation. It was the largest supplier and exporter of cryogenic equipment in/from India by revenue in FY23. Its offering includes standard cryogenic tanks and equipment, beverage kegs, bespoke technology, equipment, solutions, and large turnkey projects. Various sectors rely on cryogenic fluids, including food processing, industrial gases, liquefied natural gas (LNG), green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals, and construction. Between CY23 and CY28E, the demand for cryogenic equipment in India is projected to grow at a CAGR of 7.2%.
Partnership with Adani Total Gas
The stock has been in an uptrend since January end following a brief period of consolidation post its IPO and has tested a new high of Rs.1473 this week. The stock has been propelled by various factors, including its partnership with Adani Total Gas, announced in February. This collaboration aims to bolster the LNG ecosystem in India.
Conclusion
INOX India shares are expected to continue their upward trend, with a short-term target of ₹1500. The company’s strong position in the cryogenic storage industry and recent partnership with Adani Total Gas are key drivers of this trend. However, investors are advised to maintain a trailing stop loss of ₹1350 and consider a buy-on-dips strategy.
