Markets

Sterlite Technologies rises 4% as company wins deals worth $100 million

Our Bureau Mumbai | Updated on March 01, 2021

It was trading at ₹216.70 on BSE, up ₹8.70, or 4.18 per cent intra-day

The shares of Sterlite Technologies Ltd (STL) gained around 4 per cent on Monday after the company announced that it has won deals worth around $100 million in the Middle-East and Africa.

At 12:50 pm, STL was trading at ₹216.70 on the BSE, up ₹8.70, or 4.18 per cent. It hit an intraday high of ₹217.05 and an intraday low of ₹209.25. It opened at ₹213.20 as against the previous close of ₹208.00.

On the NSE, it was trading at ₹216.05, up ₹7.95 or 3.82 per cent.

STL announced major new deals and extensions to current engagement with leading telcos in the Middle-East and Africa region (MEA).

“The deals worth more than $100 million take STL’s order book to a record high of ₹11,300 crores,” it said in a regulatory filing.

The multi-year deals range from providing optical connectivity solutions to network solutions.

Of these, one large scale deal is with a leading Telco in the UAE to advance its 5G, 4G and FTTx network infrastructure through STL’s Opticonn Solutions, including onshore logistics and warehousing.

STL has formed another multi-million dollar digital transformation partnership with a leading telecommunications group in North Africa. This Telco will deploy STL’s digital billing solutions to 7 million subscribers across the region, it said.

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Published on March 01, 2021
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