Sterling and Wilson Solar spurts on winning solar project in US

Sterling and Wilson Solar (SWSL) hit an upper circuit of 5% at Rs 199.25 after the company said its US subsidiary has bagged a contract worth $99 million to construct a solar project in the United States of America.

In a regulatory filing the company said its US subsidiary, Sterling and Wilson Solar Solutions Inc (SWSS), has been awarded a $99 million (Rs 747 crore) contract to construct a 194 MW project in the US.

Construction for the project will commence in September 2020 and the project will be commissioned by November, next year, the company added.

The stock has gained 29% in last one month as compared to a 14.52% rise in benchmark BSE Sensex.

Sterling and Wilson Solar, a Shapoorji Pallonji group company, is a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider.

On a consolidated basis, the company's net profit declined 56.4% to Rs 128.58 crore on an 11.4% drop in net sales to Rs 2060.63 crore in Q4 March 2020 over Q4 March 2019.

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