Sterlite Technologies surges 10% post Rs 35 billion advance purchase order

The stock surged 10% to Rs 379 on the BSE after the company said that it has been awarded an Rs 35 billion advance purchase order to design, build and manage the Indian Navy's communications network.

Sterlite Technologies has surged 10% to Rs 379 on the BSE in early morning trade after the company announced that it has been awarded a Rs 35 billion advance purchase order to design, build and manage the Indian Navy’s communications network.
 

“The company is to build Next Gen Communications Network for the Indian Navy. The Rs 35 billion system integration project will enable the Indian Navy with a digital communications network at par with the most advanced naval forces globally,” Sterlite Technologies said in a press release.

The scope requires Sterlite Tech to design, build and manage the communications network for over a decade through its system integration capabilities. Unparalleled in scope and size, the project includes the creation of a high-capacity IP-MPLS (Internet Protocol - Multi Protocol Label Switching) network. Once completed, it will link multiple Indian naval sites and India-administered islands, it added.

At 09:54 am; the stock was trading 6% higher at Rs 365, as compared to 0.55% rise in the S&P BSE Sensex. A combined 2.23 million shares changed hands on the counter on the BSE and NSE so far.