Sterling and Wilson Solar (SWSL) tumbled 2.95% to Rs 402.50, as the counter witnessed profit booking after a recent steep surge.
Shares of Shapoorji Pallonji group company had advanced 16.85% in three session to end at Rs 414.75 yesterday, from its recent closing low of Rs 354.95 recorded on 24 September 2021.
In the past six months, the stock has zoomed 58.18% while the benchmark Sensex has gained 17.99% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 66.595. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 315.19, 284.88 and 274.47, respectively.
In an exchange filing made during market hours today, SWSL said it received the first order worth approximately Rs 1,500 crore for its waste-to-energy business from a leading developer of energy assets in the UK and Europe. Last month, the company had announced expansion of its renewable energy offerings to include hybrid energy, energy storage and waste-to-energy solutions.
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The facility will process 23.2 tonnes of non-recyclable solid municipal waste per hour, diverting over 185,600 tonnes of waste each year. The facility will generate around 19.6 MW of energy, enough to power over 30,000 homes, and will also provide heat that can be used by nearby businesses.
Scope of work for this project includes design, engineering, procurement, construction, commissioning and testing of the facility, boiler (fuel - Refused Derived Fuel), 19 megawatts electric (MWe) steam turbine generator and condensor, pollution control equipment, water treatment plant, associated balance of plant and subsequent O&M. Construction will start in Q3 FY22 and will take over three years to commission, the company said.
Amit Jain, Global CEO, Sterling and Wilson Solar Group said, We are delighted to have bagged our first order in the waste-to-energy segment, which we recently forayed into. This is a double delight since it is also our first order in the European market, further cementing our position as the most trusted partner in the EPC segment.
Since waste-to-energy projects have a larger execution period, through such orders, the company will be able to manage a consistent revenue stream year-on-year.
Separately, SWSL informed that promoters Shapoorji Pallonji and Company and Khurshed Daruvala have facilitated the repayment of the balance outstanding loans (Rs 741 crore) along with interest accrued till date, by Sterling and Wilson and its subsidiary Sterling and Wilson International FZE to the company and its subsidiary Sterling and Wilson International Solar FZCO respectively.
With this, the entire outstanding loans of Rs 2,563 crore along with interest accrued till date has been repaid in full, the company said.
The company vide its letter dated 8 April 2021, had informed the stock exchanges that the outstanding loans as at that date stood at approximately Rs 790 crore.
In August this year, via an investor presentation, the company had said that the outstanding loans had reduced to Rs 741 crore.
On 15 September 2020, the company had informed the bourses that the board of directors had granted extension to the promoters up to 30 September 2021 to facilitate funding for the repayment of the outstanding loans.
Sterling and Wilson Solar (SWSL), a Shapoorji Pallonji group company, is a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider.
The company reported a consolidated net loss of Rs 76.02 crore in Q1 FY22 as against a net profit of Rs 17.22 crore in Q1 FY21. Net sales jumped 11.9% to Rs 1,194.63 crore in Q1 FY22 from Rs 1,067.90 crore in Q1 FY21.
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