Sterlite Tech gains on reports of mulling fund raising via InvIT route

Sterlite Technologies rose 3.07% to Rs 89 at 13:20 IST on BSE on media reports that the company is likely to raise Rs 3500 crore via Infrastructure Investment Trust route.

Meanwhile, the S&P BSE Sensex was up 6.72 points or 0.03% at 24,973.12.

On BSE, so far 1.03 lakh shares were traded in the counter as against average daily volume of 1.96 lakh shares in the past one quarter. The stock hit a high of Rs 89.90 and a low of Rs 85.50 so far during the day. The stock had hit a 52-week high of Rs 109.90 on 4 August 2015. The stock had hit a 52-week low of Rs 48.45 on 27 March 2015. The stock had outperformed the market over the past one month till 28 March 2016, surging 15.75% compared with the Sensex's 7.83% rise. The scrip had, however, underperformed the market in past one quarter, sliding 8.67% as against Sensex's 4.1% fall.

The mid-cap company has equity capital of Rs 79.02 crore. Face value per share is Rs 2.

Media reports suggested that Sterlite Technologies is planning to raise Rs 3500 crore via the Infrastructure Investment Trust (InvIT) route. The company will use the funds to pare debt and meet capital expenditure needs, as per reports. Sterlite Technologies is likely to list four of its power transmission projects under the trust and may register with the Securities and Exchange Board of India (Sebi) in Q1 June 2016, reports suggested.

Sterlite Technologies' net profit rose 81.7% to Rs 41.91 crore on 27.9% growth in net sales to Rs 1117.09 crore in Q3 December 2015 over Q3 December 2014.

Sterlite Technologies develops & delivers solutions for high speed data communication and power transmission networks, globally.

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