Sterlite Tech recovers after getting selected for smart city project

Sterlite Technologies gained 2.97% to Rs 150.60 at 11:00 IST on BSE after the company announced its selection for the implementation of smart city solutions in Kakinada, Andhra Pradesh, India.

The announcement was made on Monday, 26 June 2017, when the stock markets remained closed on account of holiday.

Meanwhile, the S&P BSE Sensex was down 104.65 points, or 0.34% to 31,033.56. The S&P BSE Mid-Cap index was down 157.73 points, or 1.08% to 14,426.08.

On the BSE, 74,374 shares were traded in the counter so far as against average daily volume of 2.01 lakh in the past one quarter. The stock had hit a high of Rs 152.90 and a low of Rs 149.25 so far during the trading session. The stock had 52-week high of Rs 170 on 17 May 2017. The stock had hit 52-week low of Rs 73.85 on 30 September 2016.

The stock had dropped 5.4% in three sessions to Rs 146.25 on 23 June 2017, from a close of Rs 154.60 on 20 June 2017.

The stock had underperformed the market over the past one month till 23 June 2017, declining 7.38% compared with 2.55% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 16.21% as against Sensex's 6.16% gains. The scrip had also outperformed the market in past one year, jumping 84.66% as against Sensex's 15.32% gains.

The mid-cap company has equity capital of Rs 79.82 crore. Face value per share is Rs 2.

Kakinada was chosen among the first 20 cities in the first phase of the Smart City Mission. The project aims to bring transformational changes in the everyday living experiences of over 3.25 lakh citizens of Kakinada, through real-time governance and efficient delivery of citizen services.

As part of the project, Sterlite Tech will design, build and manage the Kakinada Smart City for the next six years.

Kakinada Smart City Corporation selected Sterlite Tech as its implementation partner to deliver various Smart City related ICT solutions. These include command control centre, CCTV surveillance, wi-fi, automatic number-plate recognition, face detection, waste and disaster management, among other platforms, bringing many technology firsts to India in terms of horizontal internet of things (IoT) platform, LoRa-based city-wide wireless sensor network and disaster management systems.

Sterlite Technologies' consolidated net profit rose 29.51% to Rs 68.67 crore on 1.96% rise in net sales to Rs 700.54 crore in Q4 March 2017 over Q3 December 2016.

Sterlite Technologies is a global technology leader that designs, builds and manages smarter digital networks.

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