Sterling & Wilson Soars 8% in Share Price Surge on Positive Order Update Despite Market Weakness

On Tuesday, shares of Sterling and Wilson Renewable Energy surged by over 8%, driven by the announcement of three significant new projects. The stock climbed as much as 8.68%, reaching ₹272.25 on the Bombay Stock Exchange (BSE). This surge reflects the company’s robust position in the renewable energy sector as they secure contracts valued at ₹1,470 crore.

New Projects Highlight Sterling and Wilson’s Growth

Sterling and Wilson, a leader in renewable engineering, procurement, and construction (EPC) solutions, has recently announced prestigious contracts for solar and hybrid projects. These orders include:

Two domestic letters of awards from Private Independent Power Producers (IPPs).
A 200 MW AC solar project where the company was declared L1 (Lowest Bidder).
A Hybrid project in Rajasthan involving Wind EPC, which marks an exciting expansion into new territory.

The total value of these projects, inclusive of taxes and operations and maintenance (O&M), stands at ₹1,470 crore.

Expanding Horizons in Renewable Energy

In a regulatory update, Sterling and Wilson shared details about a Wind EPC project awarded by a Private IPP in Rajasthan. The scope includes the Engineering, Procurement, and Construction of a 69.3 MW Wind Balance of Plant and a 58 MW AC / 75 MWp DC Solar Balance of System, alongside a 132 kV / 33 kV pooling substation. This marks a significant milestone as they diversify their portfolio.

Chandra Kishore Thakur, the Global CEO of Sterling and Wilson, expressed enthusiasm about these new contracts, stating, “Winning these three notable domestic projects, including our entry into Wind EPC through a hybrid project, opens up exciting new opportunities for us. We have a strong presence in solar and battery energy storage systems (BESS), and expanding into wind allows us to provide comprehensive EPC solutions for hybrid projects.”

Stock Performance Overview

While Sterling and Wilson’s share price has appreciated 5% over the past month, it has experienced a 43% decline year-to-date. Over the last six months, the stock has dropped more than 55%, and it’s down 50% compared to last year. Despite these fluctuations, the company has delivered impressive returns over the past five years, with a notable 235% increase.

As of 12:55 PM, Sterling and Wilson Renewable Energy’s shares were trading 7.82% higher at ₹270.10 on the BSE, signaling positive market sentiment following the recent announcements.

In summary, Sterling and Wilson Renewable Energy is making significant strides in the renewable sector with new project acquisitions, reflecting their commitment to expanding their operational capabilities and market reach.