Sterlite Technologies gains 5% as Co partners with Airtel
Shares of Sterlite Technologies (STL) surged over 5 per cent to Rs 165.55 apiece on the BSE on Wednesday, a day after the company announced a partnership with Bharti Airtel to build a modern optical fibre network for the telco across 10 telecom circles.
This modern optical network, Sterlite Technologies said, will enable Airtel to deliver world-class customer experience through enhanced scalability, reduced latency, and improved bandwidth. The densely fibered, future-ready network, will also form the foundation for many next-gen services such as 5G, fibre-to-the-home (FTTH), Internet of Things (IoT), enterprise networks, and Industry 4.0.
“As an integrator of end-to-end digital networks, we are constantly innovating to provide smarter and intelligent networks to our customers. We are excited about this stronger and renewed strategic partnership with Airtel,” said KS Rao, CEO- Network Services and Software, STL.
Randeep Sekhon, chief technology officer (CTO) at Bharti Airtel, said, “We are pleased to deepen our collaboration with STL to build a competent, future-ready network. Airtel has always been committed to delivering customer delight and building a connected ecosystem. This 5G-ready and high capacity network will enable us to provide faster delivery of new services while delivering enhanced user experience.”
At 09:41 AM, the stock was trading over 4 per cent higher at Rs 163.70 on the BSE. In comparison, the S&P BSE Sensex was trading flat at 39,090.53 levels. Meanwhile, Bharti Airtel was trading flat at Rs 487, up 0.3 per cent.
Shares of Sterlite Technologies had hit a 52-week high of Rs 611.70 on May 20, 2020, while its all-time high level stands at Rs 415, touched on January 24, 2018.
For the quarter ended June 2020, Sterlite Technologies had posted a 96 per cent decline in consolidated net profit to Rs 5.96 crore for the June quarter, hit by the Covid-19 crisis. The company had recorded a profit of Rs 142.87 crore in the same period a year ago. Total income of Sterlite Technologies (STL) declined by 38.5 per cent to Rs 885.73 crore from Rs 1,440.73 crore in the corresponding quarter of the preceding fiscal.