Sterling & Wilson Solar share price hit 5 percent upper circuit of Rs 199.25 per share on BSE after the company's US-based subsidiary bagged the largest solar project in the country.
Sterling and Wilson Solar Solutions Inc said it has been awarded a $99 million (Rs 747 crore) contract to construct a 194 MW project in the United States. It is being developed by a leading sustainable energy company, it said in a filing to the exchanges.
Construction will commence in September and the project commissioned by November 2021. It will be managing the entire turn-key execution for the project, and once commercially operational, the plant will produce enough solar energy to power over 35,000 homes, saving approximately 275,000 metric tons of carbon emissions. The plant will be utilizing bifacial technology to increase power density, the company added.
The company reported a 56 percent decline in consolidated net profit at Rs 128.58 crore for the quarter ended March 31, 2020. The consolidated net profit of the company stood at Rs 294.80 crore in the quarter ended on March 31, 2019, a regulatory filing said.
The total income of the company in the March quarter stood at Rs 2,120.50 crore, down from Rs 2,368.17 crore in the year-ago period, a company statement said.
At 1128 hours, Sterling & Wilson Solar was quoting at Rs 199.25, up Rs 9.45, or 4.98 percent.
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