Sterling

Sterling Wilson Renewable Energy promoters sell 7.14% stake for Rs 1,040 cr

Shapoorji Pallonji and Company and Khurshed Yazdi Daruvala, promoters of Sterling And Wilson Renewable Energy, on Friday divested a 7.14 per cent stake in the company for Rs 1,040 crore via open market transactions. According to the bulk deal data available with the NSE, Shapoorji Pallonji and Company Pvt Ltd offloaded 1.35 crore shares, amounting to a 5.78 per cent stake in Sterling And Wilson Renewable Energy (SWSOLAR). In addition, Khurshed Yazdi Daruvala sold 31.50 lakh shares or 1.35 per cent holding in solar EPC solutions provider Sterling And Wilson Renewable Energy. The shares were disposed of in the price range varying from Rs 623.28-630.01 apiece, taking the combined transaction value to Rs 1,039.88 crore. After the stake sale, Shapoorji Pallonji and Company's shareholding in SWSOLAR has declined to 6.95 per cent from 12.73 per cent, while Daruvala's stake has come down to 0.13 per cent from 1.48 per cent. Also, the combined shareholding of promoter and promoter group ha

Dollar softens, sterling squeezes as focus turns to US inflation figures

The dollar dipped on Thursday while sterling crosses were nursing losses in holiday-thinned trade ahead of the last major data release of the year in Friday's US inflation figures

Sterling trims drop after BoE hike, China's data sends dollar higher

The BoE raised its key interest rate by a quarter of a percentage point to 4.5% on Thursday as expected by a Reuters poll, taking borrowing costs to their highest since 2008

Sterling and Wilson Renewable Energy loss widens to Rs 421 cr in March qtr

Sterling and Wilson Renewable Energy on Thursday reported a widening of its consolidated net loss to Rs 421 crore in the March quarter, mainly due to lower revenues. The consolidated net loss of the company was Rs 127 crore in the quarter ended on March 31, 2022, according to a regulatory filing. The revenue from operation slumped to Rs 88 crore during the quarter under review from Rs 1,071 crore a year ago. The consolidated net loss in 2022-23 also rose to Rs 1,175 crore from a loss of Rs 916 in the previous fiscal year. The company explained that the revenue was impacted during the (March) quarter due to a cost increase on account of certain cost provisions made, which impacted the percentage-of-completion and led to a revenue reversal in ongoing EPC (engineering procurement construction) projects. For FY23, it stated that the revenue has decreased by 59.5 per cent YoY (year on year) due to lower contribution from ongoing EPC projects, where O&M constituted an 8.9 per cent of ..

Euro, sterling fall sharply against dollar amid jitters over European banks

Risk aversion also sent sterling 0.6% lower to $1.2214, despite data showing the British economy was set to grow in the first quarter and confidence was growing

Dollar bounces as US economy sends mixed signals; sterling slips

The euro was down 0.33% against the dollar at $1.036 at 1045 GMT, after hitting its highest level since July at $1.048 on Tuesday

Dollar ascendant; sterling slumps on lower rate expectations, bleak outlook

Sterling edged up 0.1% to $1.1170, after sliding 2% overnight. It was headed for a weekly loss of nearly 4%, the largest since Sept's market turmoil triggered by an economic plan

Sterling rises as Rishi Sunak becomes UK PM while US dollar slumps

The potential for volatility is elevated in the foreign exchange market this week, with central banks in the euro zone and Canada expected to hike rates by 75 basis points

Sterling rises as Sunak prepares to become PM, euro awaits ECB hike

Sunak will become Britain's next prime minister, Downing Street said on Monday. Sunak was due to meet King Charles on Tuesday morning before speaking outside No. 10 Downing Street

Volatile sterling surges on reports of potential UK fiscal plan U-turn

Sterling surged 1.5% to a one-week high against the dollar at $1.1267 by 1205 GMT after Sky News reported the UK government was looking at which parts of its tax-cutting package might be ditched

US dollar surges to new 24-year high versus yen; sterling rallies

The dollar climbed to a fresh 24-year peak versus the yen on Wednesday, holding above levels that prompted intervention by Japanese officials last month

European stocks struggle for direction, sterling recovers after BoE warning

European stocks held steady in early trading on Wednesday, while sterling recovered after hitting a 13-day low

Dollar at 24-year top on yen after US yields jump; sterling choppy

The dollar scaled new 24-year heights on the yen on Wednesday, breaching levels that prompted intervention by Japanese officials last month, while investors in sterling were scratching their heads

Australian dollar slides as RBA opts for smaller hike; sterling on new high

The Reserve Bank of Australia said it decided to slow the pace of tightening because the cash rate had been increased substantially in a short period of time, but left the door open to additional hike

Sterling rebounds 1% on reversal of proposed tax cut plan; yen weakens

Sterling climbed higher on Monday after British finance minister Kwasi Kwarteng said the government would reverse a plan to scrap the UK's highest rate of income tax

Sterling volatile as PM Truss defends tax-cutting plan, euro drops

In the face of nagging doubts about Britain's economic management and the outlook for global growth, sterling was 0.19% lower at $1.0866 at 1125 GMT, after falling to $1.0764 earlier

Dollar scales to two-decade high, sterling sees drop on tax cut concerns

Meanwhile, benchmark US 10-year Treasury yields rose to 4% for the first time since 2010, topping at 4.004%. The two-year yields stood at 4.2912%

World stocks edge above Nov 2020 lows, sterling recovers some ground

Markets remain nervous, however, after U.S. Federal Reserve officials on Monday said their priority remained controlling domestic inflation

Sterling tumbles nearly 5% to all-time low on tax reforms, shows data

The currency dived as much as 4.85 per cent to an unprecedented $1.0327, extending a 3.61 per cent dive from Friday, when finance minister Kwasi Kwarteng unleashed historic tax cuts

Euro, sterling plunge on dour business activity data, UK mini-budget

Sterling was set for its biggest weekly decline against the U.S. dollar in two years after it touched a fresh 37-year low of $1.1022. The pound was last down 1.9% at $1.1049.