Sterlite Technologies rose 1.43% to Rs 113.40 after the company, in partnership with Europe's Cognity, signed a multi-year, multi-million dollar strategic digital transformation agreement with Telekom Albania.
Sterlite Technologies (STL), a global data networks innovator, in partnership with Cognity, a leading European systems integrator, announced signing of a multi-year, multi-million dollar strategic digital transformation agreement with Telekom Albania, the first mobile communications company in Albania.Albania's telecom market is growing significantly and over 1.1 million subscribers are increasing mobile data demand. Telekom Albania has chosen to overcome any legacy constraints by moving to a digital platform powered by STL, to be designed, deployed and managed by STL and Cognity over the next seven years.
STL and Cognity will deploy leading edge end-to-end open and modular software solutions from STL's next-generation BSS/OSS portfolio. This will help Telekom Albania to centralize, automate and digitize operations across its mobile telephony, wireless broadband, landlines, mobile IPTV, for consumer and enterprise customers. Transforming from multiple legacy systems to STL DAWN (DevOps-based, Analytical Intelligence-driven, Web-scale-enabled Network Software solution) platform will enable a true digital-first experience for Telekom Albania customers by accelerating business agility and internet speed. The announcement was made during trading hours today, 19 December 2019.
STL announced a decent Q2 2019 result. On a consolidated basis, net profit rose 21.6% to Rs 159.56 crore on a 25.4% increase in net sales to Rs 1359.69 crore in Q2 September 2019 over Q2 September 2018.
The stock trades below its 50 days and 200 days simple moving average placed at 128.32 and 165.68 respectively. These two levels will acts as crucial resistance zone in near term.
STL offers end-to-end data network solutions. The company designs and deploys high-capacity converged fibre and wireless networks. STL's expertise ranges from optical fibre and cables, hyper-scale network design, and deployment and network software.
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