Sterlite Tech surges 23.33% in two sessions post Q1 results

Sterlite Technologies surged 13.17% to Rs 195 at 10:45 IST on BSE, with the stock extending previous sessions' rally triggered by the company posting highest ever order book of Rs 3140 crore at the end of Q1 June 2017.

The stock had catapulted 8.98% to Rs 172.30 yesterday, 19 July 2017 after the company announced Q1 results during market hours on that day. The stock jumped 23.33% in two sessions to its current price, from a close of Rs 158.10 on 18 July 2017.

Meanwhile, the S&P BSE Sensex was up 19.83 points, or 0.06% to 31,975.18. The S&P BSE Mid-Cap index was down 17.65 points, or 0.12% to 15,241.18.

A sharp jump in volumes was witnessed on the counter. On the BSE, 17.89 lakh shares were traded in the counter so far as against average daily volume of 1.8 lakh in the past one quarter. The stock had hit a high of Rs 196 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 174.40 so far during the trading session. The stock had hit 52-week low of Rs 73.85 on 30 September 2016.

The stock had outperformed the market over the past one month till 19 July 2017, gaining 14.6% compared with Sensex's 2.06% rise. The scrip had also outperformed the market in past one quarter, rising 19.53% as against Sensex's 8.93% rise. The scrip had also outperformed the market in past one year, surging 93.49% as against Sensex's 15% rise.

The mid-cap company has equity capital of Rs 79.93 crore. Face value per share is Rs 2.

Sterlite Technologies' consolidated net profit fell 4.82% to Rs 60.59 crore on 5.76% rise in total income to Rs 751.19 crore in Q1 June 2017 over Q4 March 2017.

The company's consolidated net profit surged 61% to Rs 61 crore on 23% rise in revenues to Rs 744 crore in Q1 June 2017 over Q1 June 2016.

Sterlite Tech reported highest ever quarterly revenues in Q1 June 2017, driven by strong order book and export sales. The company reported the highest ever quarterly export sales of Rs 320 crore and highest order book of Rs 3140 crore at the end of Q1 June 2017.

With positive shifts in technology, national policies and consumption patterns for the creation of smarter broadband infrastructure, Q1 June 2017 saw optical fibre demand showing a consistent upward trend in the global markets. This reflected with healthy increase in exports at 43% of revenues.

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

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