Sterling and Wilson Solar zooms 54% in 5-weeks; hits 22-month high – EQ Mag Pro
A Shapoorji Pallonji group company, Sterling and Wilson Solar is an end-to-end solar engineering, procurement and construction (EPC) solutions provider
Shares of Sterling and Wilson Solar rallied 12 per cent on the BSE on Monday to hit a 22-month high of Rs 397. The stock of construction & engineering company traded at its highest level since November 2019. In the past five weeks, the counter has zoomed 54 per cent, as compared to 8.8 per cent rise in the S&P BSE Sensex.
Shares of Sterling and Wilson Solar had debuted on August 20, 2019 at the bourses. The company had raised Rs 3,125 crore through initial public offer by issuing shares at price of Rs 780 per share.
A Shapoorji Pallonji group company, Sterling and Wilson Solar is an end-to-end solar engineering, procurement and construction (EPC) solutions provider. The Company provides EPC services primarily for utility-scale solar power projects, with a focus on project design and engineering, and manages all aspects of project execution from conceptualizing to commissioning. The Company also provides operations and maintenance (O&M) services, including for projects constructed by third parties.
Last week, the company announced that it has commissioned the 66 MWp Al Husainiyah solar power plant in Jordan.
The management while announcing June quarter (Q1FY22) results on August 14 said that it expects the awarding of contracts to pick-up in October-December quarter (Q3FY22). “Most of our clients are looking at significant capacity additions and we remain confident of the opportunities going ahead. Our global presence enables us a lot of flexibility in selecting projects globally,” the management had said. As on August 14, 2021, the company’s unexecuted order book stood at Rs 8,731 crore, which is executable over the period of next 12 to 15 months.
With carbon emission reduction becoming a global consensus, there are enormous opportunities in emerging fields of hybrid energy power plants, energy storage solutions and biomass / waste to energy, it added.
Meanwhile in a separate event, private equity major Advent International recently signed an agreement with Shapoorji Pallonji Group to acquire a majority stake in Eureka Forbes at an enterprise valuation of Rs 4,400 crore. Eureka Forbes (EFL), a 100 per cent subsidiary of Forbes & Company, would be demerged into a standalone company, and then listed at the stock exchanges.
Source : business-standard
