Shares of Sterlite Technologies Ltd. rose over 3%, the most in four weeks, to Rs 206.7 apiece after the company secured a Rs 170 crore order from the country’s largest power distribution company, Power Grid Corporation of India Ltd.
- Sterlite Technologies will deliver a customised unified network management system, with automation capabilities to Power Grid, which will help in reducing system outages and generate performance analytics for the Central Electricity Authority.
Of the eight analysts tracking the company, seven maintained ‘buy’ and one maintained ‘hold’ recommendations. Over the past month, three of the analysts have revised the price targets lower. The overall consensus price of analysts tracked by Bloomberg implied an upside of 54.8%.
- Trading volume on the stock was nearly 2.5 times the 30-day average volume at this time of the day.
- The relative strength index on the stock is at 15, suggesting it may be oversold.
Source: Exchange Filing, Bloomberg
“We are delighted to form an association with PGCIL for creating a customised UNMS for managing their massive-scale utility networks. Through our solution, we will provide a consolidated infrastructure with centralised controls for their inter-regional networks,” said Praveen Cherian, CEO, Global Business Services at Sterlite Technologies.
“The network management system, with integrated analytics, will bring in efficiency and effectiveness setting superior standards in networks operations management.”
At 1.14 pm, the stock was trading at Rs 203, up Rs 2.35, or 1.17 percent on BSE. It touched an intraday high of Rs 206.80 and an intraday low of Rs 195.90.
The broadband technology firm posted a consolidated loss of Rs 137 crore in the December quarter on account of one-time provision for dues from a client The company had posted a profit of Rs 86.64 crore in the same period a year ago.
The company reported an order book of Rs 11,700 crore, 56 percent of which were orders from India, 35 percent from Europe and the Middle East, 7-8 percent from the US and the balance from the rest of the world.
The share of orders from the overseas business was expected to grow in coming quarters, the company said.
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