Sterlite Tech shares gain over 3%

Shares of Sterlite Technologies rose by over 3 per cent today after the company said it is vying for a strategic project worth Rs 7,000 crore in defence sector.
The stock gained 3.15 per cent to settle at Rs 86.70 on the BSE. During the day, it rose by 8.5 per cent to Rs 91.20 -- its 52-week high.
At the NSE, shares of Sterlite Tech ended 3.26 per cent higher at Rs 86.90.
On the volume front, 15.27 lakh shares of the company changed hands at the BSE and over 50 lakh shares were traded at the NSE during the day.

In the previous session also, the stock had gained over 4 per cent.
Enthused with winning a defence project worth Rs 2,500 crore, NRI billionaire Anil Agarwal-led Sterlite Technologies is now vying for another strategic project in the sector worth Rs 7,000 crore.

The optical fibre manufacturer is also connecting defence establishments in Jammu & Kashmir with high-speed optical fibres.
"We are also vying for other defence projects. We already have one project for Rs 2,500 crore, which is essentially an army project. We have already bid for another army project worth Rs 7,000 crore," Sterlite Technologies Non-Executive Chairman Anil Agarwal had told PTI.

Meanwhile, in a filing to the BSE Sterlite Tech today said, "The company would like to clarify that as a business requirement, it keeps participating in various bids and potential business opportunities across various business verticals (private and public sector) on ongoing basis."
"The company has been participating in the defence network projects as well as NOFN projects and several other public and private opportunities as part of its business.
"At this point of time, the bids highlighted in the media reports are at various stages of evaluation by the authorities and not yet been opened/awarded to the company and it has no further knowledge of their current status, the filing said.