Sterling and Wilson shares fall 5% as company denies stake sale report

Shares of Sterling and Wilson Renewable Energy Ltd were stuck in the lower circuit of 5% in early deals today after the firm said it was not aware of any sale of stake by Shapoorji Pallonji Group in the company.

The company said there was no information in possession of the company in connection to the captioned news article, which has not been announced/intimated to the stock exchanges that could explain the movement in the trading , it said in a statement to the stock exchanges.

Sterling and Wilson stock opened 5% lower at Rs 514.55 against the previous close of Rs 541.60 on BSE. A total of 8921 shares of the firm changed hands amounting to a turnover of Rs 45.90 lakh on BSE. Market cap of the firm slipped to Rs 45.90 lakh on BSE.

The share fell to a 52 week low of Rs 253.45 on October 19, 2023 and climbed to a 52 week high of Rs 646.95 on February 8, 2024.

Referring to a report in a leading business news daily, “Shapoorji Pallonji Group may sell its stake in Sterling and Wilson Renewable Energy to manage debt,” the firm said the article was factually incorrect, baseless and misleading.

The stock has a beta of 0.3, indicating low volatility in a year.

In terms of technicals, the relative strength index (RSI) of Sterling and Wilson stands at 42.1, signaling it's neither trading in the overbought nor in the oversold territory. Shares of Sterling and Wilson are trading lower than the 5 day, 20 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages.

Sterling and Wilson Renewable Energy Limited is an end-to-end renewable engineering, procurement, and construction (EPC) solutions provider. It provides EPC services primarily for utility-scale solar power projects with a focus on project design and engineering and manages all aspects of project execution from conceptualizing to commissioning.