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      Sterlite Tech hits record high

      MoM Team / Mumbai, Jul 21, 2017 10:54 AM IST

        Sterlite Tech hits record high

        Sterlite Technologies spurted 15.21% to Rs 238.20 at 10:50 IST on BSE, with the stock extending recent rally triggered by the company posting highest ever order book of Rs 3140 crore at the end of Q1 June 2017.

        Meanwhile, the S&P BSE Sensex was up 146.67 points or 0.46% at 32,051.07. The S&P BSE Mid-Cap index rose 40.97 points or 0.27% at 15,220.24.

        On the BSE, 28.25 lakh shares were traded on the counter so far as against the average daily volumes of 2.47 lakh shares in the past one quarter. The stock had hit a high of Rs 244.90 so far during the day, which is a record high. The stock hit a low of Rs 201.80 so far during the day. The stock had hit a 52-week low of Rs 73.85 on 30 September 2016.

        The stock had outperformed the market over the past one month till 20 July 2017, advancing 33.73% compared with the Sensex's 1.94% rise. The stock had also outperformed the market over the past one quarter, gaining 40.74% as against the Sensex's 8.44% rise. The scrip had also outperformed the market over the past one year, surging 127.95% as against the Sensex's 14.29% rise.

        The mid-cap company has equity capital of Rs 79.93 crore. Face value per share is Rs 2.

        Shares of Sterlite Technologies have rallied 50.66% in three trading sessions to its ruling market price, from its close of Rs 158.10 on 18 July 2017 after the company announced Q1 June 2017 results during market hours on 19 July 2017.

        Sterlite Technologies' consolidated net profit fell 1.22% to Rs 67.83 crore on 2.21% rise in net sales to Rs 716.03 crore in Q1 June 2017 over Q4 March 2017.

        Sterlite Tech reported highest ever quarterly revenues in Q1 June 2017, driven by strong order book and export sales. The company reported the highest ever quarterly export sales of Rs 320 crore and highest order book of Rs 3140 crore at the end of Q1 June 2017.

        With positive shifts in technology, national policies and consumption patterns for the creation of smarter broadband infrastructure, Q1 June 2017 saw optical fibre demand showing a consistent upward trend in the global markets. This reflected with healthy increase in exports at 43% of revenues.

        Sterlite Technologies is a global technology leader that designs, builds and manages smarter digital networks.


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      Source: Capital Market



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