Shares Of Sterling & Wilson, Kalpataru, KNR Constructions Gain On Order Wins

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Shares of Sterling & Wilson Solar Ltd., Kalpataru Power Ltd. and KNR Construction Ltd. gained on securing new orders.

Sterling & Wilson’s U.S.-based subsidiary, Sterling & Wilson Solar Solutions Inc., has signed an order worth $121.7 million (about Rs 890 crore) in the Pacific Northwest region, according to an exchange filing. The order was received from a leading sustainable energy company and is scheduled to be commissioned by fourth quarter of FY22. The subsidiary will manage the entire turn-key execution for the project.

With this, the SP Group company’s cumulative order book in the U.S. now stands at $260 million (about Rs 1,880 crore). “We are confident that as a global solar EPC company with state-of-the-art technology and project execution capabilities, we are well poised to be a significant player in this energy transition,” Amit Jain, country head at Sterling & Wilson Solar Solutions, was quoted as saying in the filing.

Shares of Sterling & Wilson Solar gained as much as 4.1% around 10 a.m. on Wednesday to Rs 262 apiece. The stock is up for the second straight day.

Kalpataru Power

The engineering, procurement and construction company has received new orders worth Rs 625 crore, according to a separate exchange filing. The company had secured multiple orders from Africa in the power transmission business. It has also won an order for railway electrification in India. The company’s international subsidiary secured new power transmission projects in Europe.

“The new order wins in the T&D (transmission and distribution) business provides us with a strategic entry in a new country in the African market,” Managing Director and Chief Executive Officer Manish Mohnot was quoted as saying in the exchange filing.

With this, the company’s order wins for FY21 stood at Rs 8,500 crore on a standalone basis and more than Rs 16,000 crore on a consolidated basis.

“Our diversified order book, robust execution capabilities and strong balance sheet position gives us confidence of growth from a long-term perspective,” Mohnot said.

The stock gained as much as 2.5% to Rs 387.9 apiece and are up for the third straight session. Of the 19 analysts tracking the company, 17 have a ‘buy’ rating and two suggest a ‘hold’. The average of 12-month consensus price target implies an upside of 27.2%.

KNR Constructions

The company received a letter of award for the six-laning of Ramanattukara Junction to start of Valanchery bypass section of NH-66 in Kerala on a hybrid annuity model basis.

The order, awarded under the Bharatmala Pariyojana, had a bid project cost of Rs 2,367.5 crore, according to its exchange filing. The project has a completion period of 30 months.

Shares of KNR Constructions gained as much as 5.8% to Rs 219 apiece — the highest in more than a month. The stock is up for the third straight session. Of the 28 analysts tracking the company, 26 have a ‘buy’ rating and two suggest a ‘hold’. The average of 12-month consensus price target implies an upside of 16.6%.

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