Shares of this BSE 500 company rally upon securing a project worth Rs 2100 crore!

As per the exchange filing, the company has secured a 1200 MW Solar PV Project of NTPC Renewable Energy Limited in Gujarat. 

The shares of Sterling and Wilson Renewable Energy Ltd are buzzing on the bourses today. As of 12.28 am, the shares of the company are trading higher by 8%. Today, the company reported a spurt in trading volume by more than 1.02 times. Owing to this, the stock is one of the top gainers on BSE from Group A. 

Meanwhile, the frontline index S&P BSE Sensex is up by 0.42%.

Why the rally?

Yesterday, the company announced that it has secured a 1200 MW Solar PV Project of NTPC Renewable Energy Limited in Gujarat. The company emerged as a successful bidder for the BOS package comprising four (4) blocks of 300MW (AC) each in the proposed 1200MW Solar PV Project with an aggregate capacity of nearly 1500 MW (DC). The total bid value, including O&M for 3 years, would be approximately Rs 2,100 crore (inclusive of taxes). The formal NOAs and contract signing is likely to happen in due course. 

Share price movement 

Today, the scrip opened at Rs 313 and has touched a high and low of Rs 327.50 and Rs 311, respectively. So far 1,66,422 shares have been traded on the bourses.

At 11.28 am, the shares of Sterling and Wilson Renewable Energy Ltd were trading at Rs 323.55, an increase of 8.07% from the previous day’s closing price of Rs 299.40 on BSE. The stock has a 52-week high & low of Rs 400 and Rs 255.25 respectively on BSE.

Company profile 

Sterling and Wilson Solar is the largest pure-play Solar EPC outside China and offers a complete range of Solar EPC solutions like design, engineering, procurement, construction, project management, and operations and maintenance. Primarily, the company’s clientele includes leading independent power producers (IPPs), developers and equity funds. As a global solar EPC company, the company offers innovations coupled with world-class technology and best practices that provide efficient and cost-effective engineering solutions.