Sterlite Tech on the rise
Sterlite Technologies had hit a new low yesterday at Rs.180.05 but today it has bounced back with great vigor and it among the top five gainers on the BSE currently. The stock hit an intraday high of Rs 204.25, going up almost 7%.
Yesterday, late into the night, the company issued a Press Release and it had some happy news to share.
It stated that its promoter, Volcan Investments had reached an "in-principle" agreement with its lenders, based on which it expects the removal of Pledge of Shares of Sterlite Technologies to get completed by end of July, 2019.
The market did not celebrate with a rise in price even the company had posted a 112% (YoY) rise in revenue and 43% jump in net profit for Q4FY19 as the overhang of pledged shares was too much.
As at 31st March 2019, 10 promoters held 53.82% stake of which 96.67% was pledged.