Sterling and Wilson jumps 6% after block deal

Shares of Sterling and Wilson Renewable Energy jumped 6 percent on June 23 after a huge block deal took place on the bourses. Around 35 lakh shares or 1.8 percent equity stake, worth Rs 103 crore exchanged hands at Rs 295.25 per share, as per reports.

However, the stock could not sustain initial gains and came off its day’s high. At 9:22 am, the stock was up 1.4 percent at Rs 302.4 on the BSE.

The stock started treading lower after CNBC-TV18 reported citing sources that Promoter Shapoorji Pallonji and Company is likely a seller in Sterling & Wilson block deal.

Shapoorji Pallonji And Company held 20.93 percent stake in the company as of March end of 2023.

The Promoter and Promoter Group hold 72.7 percent stake in the company as of March end of 2023. And a total pledge stood at 39.52 percent of promoter holdings.

Catch up on all LIVE stock market updates here

The company is looking to infuse capital even as it aims to turn EBITDA positive this fiscal. The board is exploring various options to recapitalise the balance sheet, Financial Express reported.

Global CEO of Sterling & Wilson Renewable Energy Amit Jain told the newspaper that the improved order booking, particularly from the fast expanding Indian market, should help the company double its revenue in 2023.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.