Sterlite Technologies jumps on new orders

The company announced the new orders during trading hours today, 11 April 2013.

Meanwhile, the S&P BSE Sensex was up 167.96 points or 0.91% at 18,582.41.

On BSE, 1.93 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 26.10 and a low of Rs 23.50 so far during the day. The stock hit a 52-week high of Rs 41 on 20 April 2012. The stock had hit a 52-week low of Rs 22.60 on 26 March 2013.

The stock had underperformed the market over the past one month till 10 April 2013, sliding 16.28% compared with the Sensex's 6.45% fall. The scrip had also underperformed the market in past one quarter, declining 32.91% as against Sensex's 6.35% fall.

The small-cap company has equity capital of Rs 78.69 crore. Face value per share is Rs 2.

Sterlite Technologies said the latest orders were sourced from a diversified customer base with varying delivery schedules, most of which would be executed over the course of FY 2014.

Sterlite Technologies' power transmission business secured orders aggregating Rs 430 crore in Q4 March 2013. The company said it has secured orders worth about Rs 80 crore from Power Grid Corporation of India (PGCIL) for system strengthening in the southern region of India. The company secured export orders worth Rs 130 crore, making it the highest ever export orders booked in quarter, for this segment. Of these, orders from new customers in Africa and Latin America were worth Rs 85 crore, Sterlite Technologies said in a statement.

Sterlite Technologies' telecom business secured orders aggregating Rs 200 crore. Of these, export orders were worth Rs 140 crore. The company secured pilot orders from new customers in Afghanistan, Kenya and the US, Sterlite Technologies said in a statement.

Commenting on the new orders, Mr. Pravin Agarwal, Director, Sterlite Technologies said, "We continue to extend our reach with key global customers, establishing a strong connect backed by our application engineering strengths, customer service and flexible offerings suited to our customers' requirements".

Sterlite Technologies' net profit rose 6.3% to Rs 10.07 crore on 25% growth in net sales to Rs 815.94 crore in Q3 December 2012 over Q3 December 2011.

Sterlite Technologies is a leading global provider of transmission solutions for the power and telecom industries. The company's product portfolio includes power conductors, optical fibers, telecommunication cables and a comprehensive telecom systems/solutions.

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