Shares of Sterling and Wilson Renewable Energy Ltd. surged as much as 8% on Monday, December 23, after the company won an order valued at approximately ₹1,200 crore.
The surge in the stock price was also led by an uptick in trading volumes in the counter. About 14 lakh shares of Sterling and Wilson changed hands on the exchanges thus far, already exceeding the one-month daily traded average of 13 lakh shares.
The company, in an exchange filing, said that it has received letter of intent (LOI) for a new order totaling ₹1,200 crore in Gujarat.
Sterling and Wilson has received an order for Design, Engineering, Procurement and Construction of Balance of System (BOS) for 500 MW (AC) Solar PV project on epc basis. In addition to EPC with single point responsibility, it will also include comprehensive O&M for a period of three years, it said.
“We are proud to receive this prestigious order, which will support India and especially Gujarat’s transition towards clean energy. It is a matter of immense satisfaction for us that customers continue to repose their trust in our team to be a part of their growth in the domestic renewable market,” said Amit Jain, Global CEO, Sterling and Wilson Renewable Energy Group.
“India is one of the world’s largest energy markets and must therefore focus on sustainable options to mitigate climate challenges while strengthening energy security, job creation and economic growth. We therefore remain confident about the future growth of India’s renewable energy sector and our increased role towards supporting it, Jain added.
Shares of Sterling and Wilson are currently trading 7.17% higher at ₹475.35. Even after today’s surge, the stock has declined over 35% in the last six months. The company’s market capitalisation stood at ₹11,117.83 crore.
Content retrieved from: https://www.cnbctv18.com/market/sterling-and-wilson-shares-surge-8-pc-after-order-win-worth-rs-1200-crore-19528300.htm.
