The shares of the leading global optical and digital solutions provider gained up to 9 percent after the company announced its strategic partnership with Lumos to build fiber optic internet infrastructure in the US.
With a market capitalization of Rs 5,786.74 crore, the shares of Sterlite Technologies Ltd closed at Rs 145 per share, increasing around 7.81 percent as compared to the previous closing price of Rs 134.50 apiece.
As per the exchange filing, Sterlite Technologies Ltd announced its strategic partnership with Lumos to build transformative 100% fiber optic internet infrastructure in the US. The company will offer advanced, purpose-engineered optical fiber cable design to meet Lumos network requirements.
Additionally, STL has end-to-end optical capabilities and will also supply its signature Opto-bolt product, a pre-connectorized drop cable designed to significantly reduce installation time by de-skilling field installation while bringing modularity into the network design.
Furthermore, Lumos’ rapidly growing network across North Carolina, South Carolina, and Virginia provides 100% fiber-optic internet, whole-home Wi-Fi, voice, and streaming services to more than 275,000 homes and businesses and plans to reach over one million passings.
Have a look into the company’s financials, the company’s revenue decreased by 30 percent from Rs 1,883 Q3FY23 to Rs 1,322 Q3FY24. Further, During the same period, net profit decreased from a profit of Rs 47 crores to a loss of Rs 59 crores.
The company has a global presence in countries such as the USA, Mexico, Brazil, UAE, China, Russia, Indonesia, UK, Switzerland, Italy, France, etc. Geographically, the firm obtains 38% of its sales from America, followed by EMEA at 5%, India at 25%, and the Rest of the World at 2%.
The company operates nine manufacturing facilities located in India, China, Italy, and Brazil. Recently, it expanded its optical fiber capacity and is currently in the process of increasing its OFC capacity from 37 million fiber km to 42 million fiber km.
Sterlite Technologies Limited provides end-to-end data network solutions. The Company is engaged in providing advanced offerings to build a fifth-generation mobile network, rural, fiber to the X (FTTx), enterprise, and data center networks.
Written by:- Abhishek Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.