Sterlite Tech was locked at 5% upper circuit at Rs 77.55 at 11:06 IST on BSE as trading in the stock began as an integrated optical communication products, services and software company.
Meanwhile, the S&P BSE Sensex was up 77.62 points or 0.29% at 26,473.33.
On BSE, so far 71,582 shares were traded in the counter as against average daily volume of 1.76 lakh in the past one quarter. The stock hit a low of Rs 73.80 so far during the trading session. The stock had 52-week high of Rs 109.90 on 4 August 2015. The stock had hit 52-week low of Rs 63.50 on 15 June 2015. The stock had outperformed the market over the past one month till 14 June 2016, gaining 5.51% compared with the Sensex's 3.55% rise. The scrip had also outperformed the market in past one quarter, surging 12.98% as against the Sensex's 6.42% rise.
Trading in Sterlite Tech began today, 15 June 2016, as a telecom sector focused company following the demerger of power products and transmission grid business of erstwhile Sterlite Technologies (STL) into a separate company called Sterlite Power Transmission Limited (SPTL). After the demerger, Sterlite Technologies has been rechristened as Sterlite Tech.
As per the demerger scheme, STL shareholders retained one equity share of Rs 2 in Sterlite Tech (pure play telecom firm). Additionally, for every five equity share of Rs. 2 each held in STL, the shareholders were offered the option of getting either one equity share of Rs 2 each of SPTL or one redeemable preference share (RPS) of Rs 2 each issued at a premium of Rs 110.30 each of SPTL on record date. The RPS will be redeemable within 30 days of the issue if opted for.
As per a press release issued by Sterlite Tech on 26 May 2016, Sterlite Tech as a pure play telecom firm registered 27% growth in consolidated net profit to Rs 151 crore on 33% growth in revenue to Rs 2161 crore in the year ended 31 March 2006 (FY 2016) over the year ended 31 March 2015 (FY 2015).
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