Sterlite Tech up 15%

Sterlite Technologies opened with a small upward gap but soon rose to an intraday high at Rs.238.30, up 15% and this was on the back of over 9-times rise in volumes. Its 52-week high is at Rs.318.

The stock price rose on news reports stating that the Vedanta Group is in talks with strategic investors to sell 25% in each of the three business units of Sterlite Technologies - optical fibre manufacturing, telecom network services business and software services.

The company is planning to bring in partners in each of these verticals and is looking at a valuation of $2 billion in each of this businesses.

Though the company reported a net loss of Rs.140 crore in Q3FY22, its order book stands tall at Rs.11,300 crore.