Sterlite Tech hits new high

Sterlite Technologies has been consistently hitting new highs for the past few days and with robust volumes. Today too, the stock has hit a new high at Rs.91.20. Though it has come off the high, it remains firmly entrenched in the green at Rs.88.10, up almost 5%.

The stock is up on the buzz that it is looking at a major strategic project in the defence sector. This could be juxtaposed from the fact that recently it received a Rs.2500 crore order from the defence, an army project. It is said to have bid for other army orders to the tune of Rs.7000 crore and grapevine has it that it could win some more.

This Anil Agarwal group company, making optical fibre cables is poised well to cash in on the ambitious projects of Modi. It is already the biggest provider for BharatNet project and is also currently connecting defence establishments across Jammu and Kashmir with high-speed optical fibres.

The stock has attracted interest from institutional investors and it likely to be a big beneficiary of Digital India too.