The shares of a leading solar EPC player in India plunged 8 percent following a bulk deal where Goldman Sachs Funds India sold 34.27 lakh shares at an average price of Rs 282.46 per share.
Price Action
With a market capitalization of Rs 6,620.73 crore, Sterling and Wilson Renewable Energy Ltd tumbled 8 percent in Wednesday’s trading session and made an intraday low of Rs 272.20 per share compared to its previous closing price of Rs 295.60 per share.
The stock retraced from its day’s low and was trading at Rs 283 which is 4.26 percent lower than the previous closing price.
What Happened
Institutional investor Goldman Sachs Funds – Goldman Sachs India Equity Portfolio sold 34.27 lakh equity shares of the company at an average price of Rs 282.46 worth ~Rs. 97 Crores on NSE.
Simultaneously, Morgan Stanley Asia Singapore PTE purchased 36.44 lakh equity shares through a bulk deal at an average price of Rs 282.20 on the same day.
Also read: Market leader stock in focus after securing 201.6-MW order from Oyster Renewable
Company Overview
Sterling and Wilson Solar Ltd is a global leader in providing comprehensive solar EPC (engineering, procurement, and construction) solutions and specializes in the O&M (operation and maintenance) of solar power projects.
The company has an EPC portfolio of 21.7 GWp and an O&M portfolio of 8.8 GWp. In terms of global presence, the company has undertaken EPC and O&M for a 1,177 MWp solar plant in Abu Dhabi, which is one of the world’s largest single-location PV plants. Apart from this, the company also has a regional presence in 28 countries.
In India, Sterling and Wilson Solar is executing EPC and O&M for well-known players like NTPC, managing over 3 GW across two projects, including one of India’s largest PV plants in Khavda, Gujarat. The company continues to secure repeat orders from major domestic private IPPs and PSUs.
Shareholding
Sterling and Wilson Solar has a promoter shareholding of 45.74 percent as of Q3 FY25. Out of this, Reliance Industries holds a 32.5 percent stake providing strong parentage support to the company.
Written by Shwetha Sairam
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