Sterling & Wilson Renewable Energy shares gain on bagging Rs 508 crore order

Over the past year, shares of Sterling and Wilson Renewable Energy gained around 34 percent.

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Sterling and Wilson Renewable Energy Ltd shares gained over three percent in the morning session after the firm announced it bagged an order worth Rs 504 crore from a private player in Rajasthan.

"The company has received a Letter of Award (LOA) for the supply, installation, and commissioning of a 305 MW AC / 396 MWp DC PV plant for a solar project in Rajasthan, India, from a repeat customer. With significant growth in private Independent Power Producer (IPP) projects, we are also witnessing a robust pipeline of projects, particularly from the private sector and our repeat clients," said Sterling and Wilson Renewable Energy.

The firm's stock price was trading Rs 493.05 per share, higher by 1.4 percent compared to the previous session's closing price.

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Amit Jain, Global CEO, Sterling and Wilson Renewable Energy Group shared, “We have been making strong in-roads in the domestic Private IPP market this year and this new project win reflects our strong positioning and bears testament to our domestic value proposition. Beside the strong order pipeline we are seeing in the private sector there are a large number of bids expected from PSUs in Q4 which augurs well for achieving our order booking target for the year.”

Global investors Morgan Stanley, Societe Generale, and Citigroup bought 2.8 percent stake in Sterling and Wilson Renewable Energy via open market transactions on September 27, however, promoters sold 7.13 percent stake in the company.

Over the past year, shares of Sterling and Wilson Renewable Energy gained around 34 percent, outperforming the benchmark Nifty 50 that gained around 17 percent during the same time period.

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