Shares of Sterlite Technologies today rose by nearly 3 per cent after the company announced acquisition of telecom software product firm Elitecore Technologies for Rs 180 crore.
The stock gained 2.73 per cent to settle at Rs 82.80 on the BSE. During the day, it climbed 3.72 per cent to Rs 83.60.
At NSE, shares of the company rose by 2.97 per cent to Rs 83.
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Sterlite Technologies today announced acquisition of Elitecore Technologies at Rs 180 crore in an all-cash deal to widen its telecom portfolio.
"This acquisition widens Sterlite's telecom portfolio of offerings to its global customers... Sterlite has taken a strategic decision to capitalise on the broadband data network creation globally by offering a larger range of products and solutions especially focusing on the high value product segments," Sterlite Technologies said in a BSE filing.
Upon completion of the transaction, Elitecore Technologies is proposed to be merged into Sterlite Technologies, the company said.
