Sterling And Wilson Stock Hits Two-Year High On Launching QIP
On the NSE, the stock rose as much as 5% during the day to Rs 444.35 apiece, the highest since Nov. 11, 2021.
Shares of Sterling and Wilson Renewable Energy Ltd. rose to the highest level in over two years on Tuesday after it launched a qualified institutional placement.
The renewable energy company launched the QIP on Monday to raise Rs 1,500 crore, according to an exchange filing. The floor price for the QIP is set at Rs 365.02 per share, which is a discount of 13.75% to the stock's previous close on the NSE.
On the NSE, Sterling's stock rose as much as 5% during the day to Rs 444.35 apiece, the highest since Nov. 11, 2021. It reversed gains to trade 1.25% lower at Rs 417.90 apiece compared to a 0.03% advance in the benchmark Nifty 50 at 10:13 a.m.
It has risen 57.06% on a year-to-date basis. The total traded volume so far in the day stood at 7.8 times its 30-day average. The relative strength index was at 79.17, implying that the stock maybe overbought.
An analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 7.3%.
