Sterlite Technologies gains on robust Q3 earnings

Net profit for December 2015 quarter surged 82% to Rs 42 crore compared with Rs 23 crore in the year-ago period

Shares of Sterlite Technologies surged over 3% at Rs 86 on the Bombay Stock Exchange after the company reported 82% net profit growth at Rs 42 crore for the quarter ended December 31, 2015 compared to Rs 23 crore in the same quarter last year

Total income also rose 27% to Rs 1,134 crore during the quarter under review from Rs 895 crore in the same quarter ended December 31, 2014.

Elitecore Technologies, its subsidiary has won a Smart City project under Digital India and its scope includes providing Wi-Fi connectivity, smart street lighting, environment censors, IP surveillance and smart transport solutions.

The stock opened at Rs 84 and touched a high of Rs 86.40. At 12:10PM, over 690,000 shares were traded on both the stock exchanges.