Sterlite Tech jumps after removing pledge on shares

Sterlite Technologies rose 11.01% to Rs 192.10 at 13:21 IST on BSE after the company announced that its promoters have removed 100% of the pledge on the company's shares with immediate effect.

The announcement was made after market hours yesterday, 10 June 2019.

Meanwhile, the S&P BSE Sensex was up by 128.67 points or 0.32% at 39,913.19.

On BSE, 11.63 lakh shares were traded in Sterlite Technologies counter, compared to a two-week average of 2.68 lakh shares. The share price hit an intraday high of Rs 193.40 and an intraday low of Rs 183.30. It hit a 52-week high of Rs 399 on 1 November 2018 and a 52-week low of Rs 143.85 on 24 May 2019.

Sterlite Technologies announced that the company's promoters Twin Star Overseas have removed 100% of entire pledge on shares with immediate effect. Twin Star Overseas held 52.01% stake in the company.

Sterlite Technologies' consolidated net profit increased by 10.54% to Rs 163.17 crore on a 34.12% increase in net income to Rs 1804.36 crore in Q4 March 2019 over Q3 December 2018.

Sterlite Technologies is a multinational digital technology company having offices in India, China, US and Europe.

Powered by Capital Market - Live News