Sterlite Tech up 6.5%

Sterlite Technologies Ltd (STL) yesterday announced that is expanding its presence in the Middle East, Africa (MEA) region by forming new partnerships, setting up a centre of excellence and expanding its team.

The company had recently announced a $100 Mn order book that included multi-year, multi-million dollar deals.  It is also engaging with leading telcos to build robust, future-ready, digital networks in the region.

STL recently set up a centre of excellence in Dubai, which will integrate R&D, product development and operations to cater to the unique needs of the region. Additionally, STL is enhancing its team strength to drive network build-outs in MEA.

Following this news, STL stock price rose to an intraday high at Rs.303.35, up 6.5%, with volumes up almost 3.5 times. Its 52-week is not too far at Rs.318.