Sterlite Tech surges on new order

Sterlite Technologies was up 7.1% to Rs 368.10 at 11:03 IST on BSE after the company said it has been awarded a Rs 3500-crore advance purchase order to design, build and manage the Indian Navy's communications network.

The announcement was made before market hours today, 26 February 2018.

Meanwhile, the S&P BSE Sensex was up 247.78 points or 0.73% at 34,389.93.

On the BSE, 4.37 lakh shares were traded on the counter so far as against average daily volumes of 3.60 lakh shares in the past one quarter. The stock had hit a high of Rs 378.75 and a low of Rs 352 so far during the day. The stock had hit a record high of Rs 414.50 on 24 January 2018 and a 52-week low of Rs 120 on 22 March 2017.

The stock had underperformed the market over the past one month till 23 February 2018, sliding 13.12% compared with the Sensex's 5.53% fall. The stock had, outperformed the market over the past one quarter, advancing 29.03% as against the Sensex's 1.65% rise. The scrip had also outperformed the market over the past one year, surging 162.49% as against the Sensex's 18.17% rise.

The large-cap company has equity capital of Rs 80.20 crore. Face value per share is Rs 2.

Sterlite Technologies said that this is the first time that an integrated naval communications network at such a scale is being built in India. The Navy's communications network has been envisioned as a smarter network infrastructure with enhanced throughput, high-quality secure services and ease of network management. The scope requires Sterlite Tech to design, build and manage the communications network for over a decade through its system integration capabilities.

On a consolidated basis, Sterlite Technologies' net profit surged 87.1% to Rs 99.20 crore on 23.9% growth in net sales to Rs 835.18 crore in Q3 December 2017 over Q3 December 2016.

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

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