Sterlite Tech shares gain nearly 10%

Shares of Sterlite Technologies, maker of optical fibre cables and power transmission conductors, today gained nearly 10 per cent on heavy investor buying.
Sterlite Tech's stock jumped 9.94 per cent to settle at Rs 55.85 - its 52-week high at the BSE.
On the NSE, the scrip surged 9.91 per cent to Rs 56.
Following the surge in stock price, the company's market valuation rose by Rs 199.51 crore to Rs 2,199.51 crore.
On the volume front, 16.42 lakh shares of the company changed hands at the BSE, while over 43 lakh shares were traded on the NSE during the day.

The rally came amid hopes that the government would lay emphasis on setting up countrywide optical fibre networks.

Prime Minister Narendra Modi has underlined the importance of creating such networks for 'Information Highways'.
"Infrastructure should not only be about Highways but also about Information Highways! The way ahead lies in creating optical fibre networks," he had said yesterday.
"Cities in the past were built on river-banks. They are now built along highways. But in future, they will be built based on availability of optical-fibre networks and next-generation infrastructure," he had said.