Sterlite Tech shares gain over 6% on Rs 3,500-cr proj from Indian Navy

Shares of Sterlite Technologies today rose by over 6 per cent after the company said it has been awarded a Rs 3,500-crore advance purchase order to design, build and manage the Indian Navys communications network.
The stock gained 5.82 per cent to close at Rs 363.60 on BSE. During the day, it surged 10.22 per cent to Rs 378.75.
At NSE, shares of the company jumped 6.11 per cent to end at Rs 364.30.
In terms of equity volume, 6.65 lakh shares of the company were traded on BSE and over 38 lakh shares changed hands at NSE during the day.

"The Rs 3,500-crore system integration project will enable the Indian Navy with a digital communications network at par with the most advanced naval forces globally," the company said in a statement.
This will give the Navy digital defence supremacy at par with the best naval forces globally. This is the first time that an integrated naval communications network at such a scale is being built in India, the company added.