Sterling & Wilson shares surged 7% on Tuesday, hitting a day high of Rs 186.66, after bagging two orders worth over Rs 985 crore.

Here is what drove the rally. Sterling and Wilson told the exchanges it has won a domestic order in Rajasthan worth 534.3 MWp from a new customer, described as a leading independent power producer in India.

The second order comes from South Africa, where the company will build two battery energy storage projects totalling 616 MWh for a repeat client based in West Asia.

The Rajasthan project covers a balance of system package and is expected to cut carbon dioxide emissions by around 0.8 million tonnes once it is commissioned.

The South Africa assignment is a turnkey engineering, procurement and construction contract, and the company said it ranks among the largest utility scale battery storage projects it has ever undertaken. These wins follow a mixed June quarter for the company.

Net profit jumped 69% year on year to Rs 54 crore, up from Rs 32 crore a year earlier, even as revenue slipped nearly 10% to Rs 1,590 crore from Rs 1,761.6 crore, and operating earnings eased slightly, with margins holding broadly steady at around 5%.

Sterling & Wilson management said the new orders reflect steady demand for its renewable energy and storage projects, along with the trust clients continue to place in its execution track record.

As of 11:42 am on Tuesday, Sterling and Wilson Renewable Energy was trading at Rs 180.65 on the NSE, up 4.26% for the day.

The stock remains down close to 16% for the year so far, though today’s gains mark a sharp reversal from that trend.

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