Sterlite Technologies rose 1.61% to Rs 31.60 at 10:57 IST on BSE after the company announced a milestone technology development in telecommunication space.
The announcement was made after market hours on Monday, 21 April 2014.
Meanwhile, the S&P BSE Sensex was up 34.16 points or 0.15% at 22,798.99.
On BSE, so far 2.48 lakh shares were traded in the counter as against average daily volume of 2.87 lakh shares in the past one quarter.
The stock hit a high of Rs 32.40 and a low of Rs 31.15 so far during the day. The stock had hit a 52-week high of Rs 33.20 on 11 April 2014. The stock had hit a 52-week low of Rs 15.75 on 6 August 2013.
The stock had outperformed the market over the past one month till 21 April 2014, surging 45.33% compared with the Sensex's 4.65% rise. The scrip had also outperformed the market in past one quarter, jumping 30.95% as against Sensex's 7.12% rise.
The small-cap company has equity capital of Rs 78.76 crore. Face value per share is Rs 2.
Sterlite Technologies said that as an extension of Sterlite's continuous endeavor to bridge the gap between bandwidth demands and transmission capacity in the country, Sterlite's Center of Excellence at Aurangabad, India has successfully established and tested multi-area bit transmission over long haul network.
While explaining the importance of this technology breakthrough, Dr. Badri Gomatam, CTO at Sterlite Technologies says, "In emerging economies, there is a need to plan infrastructure for accommodating faster transmission of huge volumes of data. Our Center of Excellence focuses on end-to-end development of this capacity improving the quality of the perform, developing next generation optical fibres, specialized cabling solution and enhancing network integration capability together contribute to a future proof infrastructure".
Pravin Agarwal, Director, Sterlite Technologies said, "This is a proud moment for us as it establishes India among a few countries globally who possess such an advanced data transmission network capacity. Sterlite is committed to building a high speed last mile broadband infrastructure capability in India to reach from urban to semi urban to the most remote rural areas".
Sterlite Technologies' net profit fell 46.2% to Rs 5.42 crore on 18.3% decline in net sales to Rs 666.23 crore in Q3 December 2013 over Q3 December 2012.
Sterlite Technologies, a $600 million company, develops & delivers products, solutions and infrastructure for telecom & power transmission networks, globally.
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