Shares of Sterling and Wilson Renewable Energy Ltd. surged on Friday to the highest level in over two years after it raised Rs 1,500 crore through a qualified institutional placement.
The QIP witnessed a strong response from domestic mutual funds and marquee foreign institutional investors, according to an exchange filing.
Bulk of the proceeds from the QIP will be used to pare down debt, providing it the capital to pursue the fast-growing solar engineering, procurement, and construction markets in India and abroad, according to Chief Executive Officer Amit Jain.
On the NSE, Sterling's stock rose as much as 5% during the day to Rs 445.30 apiece, the highest since Nov. 10, 2021. It pared gains to trade 3.02% higher at Rs 436.90 apiece compared to a 0.29% advance in the benchmark Nifty 50 as of 9.35 a.m.
The share price has risen 62.9% on a year-to-date basis. The total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 82.
An analyst tracking Sterling has a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 49%.
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