Sterlite Technologies to build digital network for Airtel; stock gains 5 per cent
Sterlite Technologies Limited (STL), an industry-leading integrator of digital networks, announced on Tuesday after the market hours that it is partnering with Bharti Airtel, India’s largest integrated telco for building a modern optical fibre network for Airtel across ten telecoms.
Reacting to this news, the share of Sterlite Technologies surged over 5 per cent higher than its previous close while, Bharti Airtel gained one per cent higher on BSE.
STL has been a long-term partner of Airtel in the optical connectivity space. With an optical network, Airtel will be able to deliver superior customer experience through enhanced scalability, reduced latency, and improved bandwidth. The network will also form a foundation for many services such as 5G, fibre to the home (FTTH), internet of things (IoT), enterprise networks, and Industry 4.0.
In March 2020, the share of STL dropped to Rs 59.8, hitting its 52-week low. It rallied 177 per cent in just over six months.
At 10.51 am on Wednesday, the share of STL was trading at Rs 164.7 with gains of 4.7 per cent with an intraday high of Rs 166.8. The stock has outperformed S&P BSE TECK index, which was trading 0.23 per cent lower.