Sterlite Technologies bags order worth Rs 1,800 crore, stock shines

Sterlite Technologies informed the bourses that it has been awarded T-Fiber project to deliver digital infrastructure to 6 million rural citizens of Telangana. The deal is worth almost Rs 1,800 crore, where the company will design, build, and manage a rural broadband network across 3,000 gram panchayats in Telangana.

The company has received a work order for Rs 1,100 crore for Phase- 1 of the project out of the total project value of Rs 1,800 crore. The move aligns with the Government of India’s BharatNet, which aims to provide broadband connectivity to all 2,50,000 gram panchayats in the country.

This turnkey project entails designing and building an end-to-end rural broadband network across 3,000 gram panchayats in 11 districts of Telangana and managing the network for an additional seven years. The project has a significant O&M revenue stream, close to 30 per cent of the overall Project value.

With this positive development, the stock of Sterlite Technologies is shining on the bourses. The stock, which opened at Rs 116 apiece, surged nearly 8.5 per cent and touched an intraday high of Rs 128.2.