Shares of Sterlite Tech jumped back in the green on Friday going up close to 4% to hit an intraday high of ₹175.
What Happened: The digital solutions company on Thursday announced partnering with TruVista to “drive the growth and enhancement of South Carolina’s rural connectivity infrastructure.”
The company in a statement said that it has been delivering specialised optical fibre cables to TruVista, including multi-loose tube and high-fibre count cables. Furthermore, the company has provided advanced cable solutions like the Nova A1, a fully backwards-compatible, high-performance fibre optic cable renowned for its remarkable bending characteristics.
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As per the company, these offerings have empowered the U.S.-based company in deploying efficient FTTX (Fiber to the X) systems throughout South Carolina. Additionally, TruVista has harnessed STL’s comprehensive optical capabilities and incorporated STL’s Optical Connectivity products into their network infrastructure. The company added that TruVista was one of its first customers.
The stock has been trading flat for the past year. Since the start of the year, the stock has gone down around 3%. However, the stock counts LIC and ace investor Akash Bhanshali as its investors. LIC has a 1.44% stake, while Bhanshali’s holds a 1.01% stake.
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Price Action: Sterlite Tech’s share price was up 2.79% to trade at ₹173.20 in the early hours of trading on Friday.
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