Sterlite Technologies

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The contract is for 3 years of construction and 10 years of maintenance contract at 5.5 per cent per annum of capex for the first 5 years and 6.5 per cent per annum of capex for the next 5 years

Shares of Sterlite Technologies gained as much as 6 per cent at Rs 128.45 per share on the BSE

Broadband technology firm Sterlite Technologies has agreed to pay USD 4,67,400 (about Rs 4 crore) to the Data Management Centre for dispute settlement, a regulatory filing said on Monday. Data Management Centre had claimed damages worth USD 2.7 million (about Rs 23 crore) before Singapore International Arbitration Centre against Sterlite Technologies (STL) for delay and failure by the broadband technology to meet obligations under their agreement. "Without admission of liability, a Settlement Agreement was executed between the Parties wherein Sterlite agrees to pay DMC a net sum of USD 4,67,400 towards full and final settlement of all claims between the parties," the filing said. STL is engaged in the business of manufacturing and selling optical fibre cables. Shares of the company closed at 131.15 apiece, down by 0.3 per cent at BSE on Monday.

An American court has ordered Vedanta Group-backed Sterlite Technologies' overseas arm to pay USD 96.5 million, about Rs 810 crore, in damages to US-based Prysmian for violating trade secrets norms, according to a regulatory filing and plaintiff's statement. Additionally, the court has awarded USD 200,000 penalty on Stephen Szymanski, Sterlite Technologies Inc (STI) Executive Vice President for Americas Region, for misappropriation of trade secrets of Prysmian. STI is the US subsidiary of Sterlite Technologies (STL) which has contested the judgement and may file an appeal against it. Prysmian in a statement said a South Carolina jury on August 9 ordered in favour of Prysmian following a three-week trial in the district court of Columbia, South Carolina. "The jury found that Sterlite was unjustly enriched by taking Prysmian's trade secrets and awarded USD 96.5 million in damages against Sterlite Technologies, Inc. In addition, the jury found that Stephen Szymanski had been unjustly

An arbitrator has rejected broadband technology company Sterlite Technologies' claims worth Rs 145 crore against BSNL in an optical fibre cable laying project, a regulatory filing said on Friday. Sterlite Technologies (STL) said that it is evaluating options to challenge the award of the arbitrator. "BSNL had deducted payments to the tune of Rs 145.02 crore for trenching done at a depth lesser than 165 cms duly approved by BSNL, due to legitimate site constraints. STL filed its claims towards wrongful imposition of depth penalty by BSNL. The arbitrator has rejected STL's claims vide award dated April 18, 2024," STL said in the filing. The Arbitration was before Justice Badar Durrez Ahmed , former Chief Justice Jammu and Kashmir High Court.

On Tuesday, April 16, the stock price of Sterlite Technologies had jumped 9 per cent intraday trade

Broadband technology company Sterlite Technologies has raised Rs 1,000 crore by issuing equity to Qualified Institutional Investors (QIP) including HDFC Mutual Fund, Nippon Life India, Goldman Sachs, and Bandhan Mutual Fund, the company said on Tuesday. Post the allotment, the paid-up equity share capital of Sterlite Technologies (STL) has increased to Rs 97.5 crore comprising 48.5 crore equity shares. "STL has raised INR 1,000 crore through a Qualified Institutional Placement (QIP) route," the company said in a regulatory filing. The company approved the issue and allotment of 8.84 crore equity shares to qualified institutional investors, including HDFC Mutual Fund, Nippon Life India, Goldman Sachs, and Bandhan Mutual Fund, aggregating to Rs 1,000 crore. "We are thankful to our investors for their continued support and for believing in the growth potential of STL. The money raised through QIP will be utilised towards strengthening our balance sheet so that we double down on our ..

Finnish telecom and IT company Nokia on Monday said it has partnered with Sterlite Technologies (STL), an optical and digital solutions company, to enhance networking and digital solutions for government institutions and enterprises. The partnership will also focus on government-driven connectivity projects to offer connectivity and networking solutions, Noika said in a statement. "The collaboration will accelerate the Industry 4.0 revolution. By leveraging these solutions, businesses can gain a competitive edge and drive transformation with disruptive technologies," the statement said. Both companies will strengthen enterprise networks, providing high-speed, high availability, low-latency connections for applications such as 5G, IoT ( Internet of Things), data centre interconnect, supply chain efficiency, real-time data analytics, and generative AI use cases, according to the statement. "STL's extensive experience in connectivity solutions, coupled with Nokia's technological stren

Sterlite Technologies said that it has been strategically engaged in co-creating fiber and optical connectivity solutions suited for Lumos

Optical and digital solutions company Sterlite Technologies (STL) on Thursday reported a loss of Rs 57 crore on a consolidated basis in December quarter 2023-24, hit by ongoing optical demand headwinds, especially in the US and parts of Europe. The company had posted a net profit of Rs 51 crore in the year-ago period. Revenue from operations was Rs 1,322 crore in Q3FY24, the company said in a regulatory filing. Revenue stood at Rs 1,883 crore in the year-ago period. EBITDA declined sequentially to Rs 109 crore from Rs 216 crore. "The company reported a sequential decline in revenue and EBITDA in Q3 FY24 amidst ongoing optical demand headwinds, especially in the US and parts of Europe," STL said in a release. Ankit Agarwal, Managing Director of STL said the downturn is temporary. While this downturn is temporary, the cost base and capabilities that we have built around product design, quality, manufacturing presence, and sustainability will reap benefits far into the future," Agar

Broadband gear maker Sterlite Technologies expects optical business sales volume in the US to decline this fiscal due to inventory build-up and growth to return in the next fiscal, Managing Director Ankit Agrawal said. Speaking to PTI at the India Mobile Congress, Agrawal said that the company has about 20 per cent market share in Europe and between 10 to 12 per cent market share in the US. "We do see some inventory build-up in North America. We do expect probably another six to nine months for that inventory to reduce and then the demand to come back. Overall for this year, we do expect some volume decline. And probably from next year onwards, the volumes will come back," Agrawal said. STL in the September 2023 quarter posted a 20 per cent decline in consolidated profit at Rs 32 crore. Overall, the company has projected a dip in revenue during the current fiscal year but expects increased sales in EMEA (Europe, Middle East and Africa), India and Asia Pacific markets to fill the ..

The company's revenue rose 2 per cent to Rs 1,522 crore in Q1FY24, up from Rs 1,487 crore

Optical and digital solutions company Sterlite Technologies is seeing a strong commitment and demand for fibre, as customers across markets continue to prioritise network build outs, including in India, where massive 5G infrastructure deployments are taking place. Sterlite Tech Managing Director Ankit Agarwal said the company is "quite positive" about the India market prospects, given the rapid pace of fiberisation, and expectation of 5G scaling up from 50 million users to 250 million users in the coming years. "We are excited with the progress we are making, and are positive about mid-to-longer-term opportunities for our sector. In our conversation with customers that commitment remains in terms of their network plans," Agarwal told PTI. At a macro level, STL continues to see strong focus from customers, largely telcos, internet service providers and data centres players. "They continue to have strong commitment to 5G, Fibre-to-the-home (FTTH) and enterprises," he said. In India

STL among the world's first companies to develop 180 micron optical fibre

Digital solutions company Sterlite Technologies has said investment commitment of global customers for optical fibre remains strong despite macroeconomic headwinds and that telcos and hyperscalers will continue to spend to gain a market edge. According to Sterlite Tech Managing Director Ankit Agarwal, there is no change in the company's production scale-up plans or targets as demand for its product portfolio is robust. "In our key accounts, most of our customers are public, and their investment plans are well known. We track it and see fairly strong capex investment plans over 2-3 years and for some even up to the next 5 years," Agarwal told PTI. He said customers, both telecom and hyperscalers, continue to spend with a focus on innovation and technology. That demand is reflected in the company's order book of Rs 12,054 crore. The term hyperscalers refers to large cloud service providers, whose offerings include computing and storage at an enterprise scale. STL is also positive on

Optical and digital solutions company Sterlite Technologies on Friday reported a net profit of Rs 50 crore for the December 2022 quarter against a loss of Rs 138 crore a year ago. The loss in Q3 FY22 included a one-time provision, a top company official explained. The revenue from operations for the just-ended quarter stood at Rs 1,882 crore, which on a year-on-year basis was about 46 per cent higher than the Q3 FY22. In a statement on the Q3 scorecard, STL said it demonstrated a sharp focus on growth areas, operational efficiencies and strategic capital allocation, resulting in strong financial performance. "Company revenues grew by 46 per cent on a year-on-year basis, and 28 per cent on YTD (year-till-date) basis, and EBITDA increased by 17 per cent on a YTD basis," STL said. It recorded a net profit of Rs 50 crore in Q3 FY23, a turnaround compared to the losses of Rs 138 crore in the same period the previous year. Seen sequentially, the net profit was up 13.6 per cent from Rs

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Broadband technology company Sterlite Technologies on Monday posted a consolidated loss of Rs 20 crore in the June 2022 quarter. The company said it had recorded a profit of Rs 116 crore in the same period a year ago. The consolidated revenue from operations of Sterlite Technologies increased to Rs 1,575 crore during the reported quarter compared to Rs 1,316 crore in the corresponding quarter last year. Nearly 62 per cent of the total revenue came from its focus markets of the US and Europe. The total order book of the company stood at Rs 11,200 crore at the end of the reported quarter. "With increased focus on efficiency and prudent capital management, we expect to sustain this positive momentum. As ubiquitous networks are built in this decade, we are fortunate to play a significant role in transforming billions of lives through digital networks," STL managing director Ankit Agarwal said in a statement. The company in July 2021 signed an agreement to acquire 100 per cent stake in