Sterlite Technologies up by 10 per cent, wins order worth Rs. 3,500 crore

Telecom products manufacturers Sterlite Technologies surged on the bourses by over 10 per cent in Monday’s trade session as the company announced that it has bagged order worth Rs. 3,500 crore for designing, building and managing the Indian Navy’s communications network.

The new communications network is expected to upscale the Indian Navy’s digital defence supremacy to compete with the best naval forces around the world. The company will provide end-to-end strategic network with unique software to silicon capabilities to the Navy.

On the stock market, Sterlite Technologies have surged by over 182 per cent in the past one year. On the financial front, the company had recorded a hike of 83 per cent in its profit to Rs. 90 crore for the third quarter of the fiscal year 2018 on a yearly basis.

During Monday’s trade, Sterlite Technologies surged by over 10 per cent to hit an intraday high of Rs. 378.75 per share on BSE. The stock hit an intraday low of Rs. 352 per share on BSE. The stock had touched its 52-week high of Rs. 414.50 per share on January 24, 2018 and its 52-week low of Rs. 120 per share on March 22, 2017, respectively.