Sterling & Wilson spurts ~8% on new order win

23 Dec 2024 , 02:56 PM

Sterling and Wilson Renewable Energy Ltd.’s shares rose up to 8% on Monday, December 23, following a ₹1,200 Crore order win.

An increase in trading volumes in the counter contributed to the stock price spike. So far, around 14 lakh shares of Sterling and Wilson have changed hands on the exchanges, beating the one-month daily traded average of 13 lakh.

The company announced in an exchange filing that it has obtained a letter of intent (LOI) for a new contract worth ₹1,200 Crore in Gujarat.

Sterling and Wilson has obtained an order for the Design, Engineering, Procurement, and Construction of the Balance of System (BOS) for a 500 MW (AC) Solar PV project on an epc basis. In addition to EPC with single point responsibility, it will comprise three years of comprehensive O&M, according to the statement. 

We are honored to receive this distinguished order, which will aid India’s and notably Gujarat’s transition to renewable energy. Customers continue to put their trust in our team to help them expand in the domestic renewable sector, which gives us great delight, said Amit Jain, Global CEO of Sterling and Wilson Renewable Energy Group.

India is one of the world’s major energy markets, therefore it must prioritize sustainable solutions to address climate change while also improving energy security, job development, and economic growth. We are consequently confident in the future expansion of India’s renewable energy sector and our greater role in supporting it, Jain added.

At around 2.50 PM, Sterling & Wilson Renewables was trading 5.35% higher at ₹466.90, against the previous close of ₹443.20 on NSE. The counter touched an intraday high and low of ₹479.50, and ₹452, respectively.

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