Sterlite Technologies jumps over 6 per cent; know what exactly is driving this stock!

The stock of Sterlite Technologies is buzzing on the bourses as the stock has shot up by over 6 per cent

The stock of Sterlite Technologies is buzzing on the bourses as the stock has shot up by over 6 per cent, accompanied by strong volume, which is more than its prior trading session.   

So, what’s the buzz in the stock? Sterlite Technologies Limited (STL), an industry-leading integrator of digital networks, announced on Thursday that it has expanded its partnership with Netomnia, one of the fastest-growing network operators in the United Kingdom. According to the multi-city agreement, STL will provide integrated network deployment services to help Netomnia grow its ultrafast full-fibre broadband programme in the United Kingdom.  

STL brings to the deal more than 10 years and 35,000 km of network deployment experience. Having led large-scale rollouts across tough terrains in India, the company leverages design-led planning, gets professionally-trained manpower to the field, and uses advanced deployment techniques to the fibre deployment process. These capabilities will enable Netomnia to achieve rapid scale in delivering home passes and ultimately, realise a reduced total cost of ownership. The collaboration will greatly contribute to the high-speed broadband revolution of the UK, led by exciting new-age players such as Netomnia. With an ambition to provide multi-gigabit broadband to one million premises by 2023, Netomnia has an infrastructure that supports symmetrical (equal upload and download speed) multi-gigabit services up to 10 Gbps, using XGS-PON technology.  

The stock is up by over 7 per cent on an MTD basis whereas, on a YTD basis, it is down by nearly 24 per cent.