Reliance-Backed Small Cap Stock Jumps 5% After Bagging ₹1,500 Cr Order

Shares of Sterling and Wilson Renewable Energy jumped close to 5% on Friday morning to hit an intraday high of ₹365.70.

What Happened: The company on Friday announced bagging a ₹1,535 crore order from NTPC Renewable Energy Limited. The contract is an EPC (Engineering, procurement, and construction) project of 300 MWac (megawatt alternating current) of NTPC REL at Khavda RE Power Park, Rann of Kutch, Gujarat.

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This is the company’s third order from NTPC REL in Khavda, Gujarat. The value of the total orders from NTPC REL stands at ₹5,850 crore. With this order, the renewable energy major’s year-to-date order booking stands at ₹3,100 crore. “The domestic order pipeline continues to remain strong and we're confident of surpassing the FY 2023 order booking in this financial year,” said Amit Jain, the company’s global CEO.

The announcement helped the stock halt its two-day losing streak. Earlier this week, the company’s board approved the raising of funds of up to ₹1,500 crore. Reliance New Energy is part of the promoter group of the company and owns around 40% stake.

Price Action: Shares of Sterling and Wilson were up 3.86% to trade at ₹361.75 in early trade on Friday.

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Posted In: NewsContractsMoversTrading IdeasSterling and Wilson Renewable Energy