Sterlite Technologies up 2% after bagging optical fibre project in the US

The optical fibre and network solutions provider said it was collaborating with TruVista for improving optic fibre connectivity across South Carolina.

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Sterlite Technologies shares were trading 2 percent higher in the morning trade on September 8 after the Vedanta-group company announced its partnership with American broadband services provider Truvista. In a regulatory filing at the exchanges, the optical fibre and network solutions provider said it was collaborating with TruVista for improving optic fibre connectivity across South Carolina.

“Since 2021, Sterlite Technologies has been providing its products like Nova A1, a high-performance fibre optic cable with exceptional bending properties and optical connectors such as MST Optoblaze to TruVista. We are now working towards growing this partnership further to continue deployment of ‘fibre to the home’ in rural South Carolina and beyond,” the company said.

At 10.30 am on the NSE, Sterlite Technologies stock was quoting at Rs 171.80, up Rs 3.30, or 1.96 percent.

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In its results for the April-June quarter, the company reported a 2.35 percent year-on-year (YoY) rise in revenue from operations at Rs 1,522 crore. Net profit for the quarter was at Rs 52 crore against a loss of Rs 24 crore reported in the same period previous year. The operating profit margins for the quarter expanded by 300 basis points to 14 percent.

Sterlite Technologies is engaged in the business of designing, building, and managing digital networks worldwide. The company specialises in optical communication and data transmission solutions, serving industries such as telecommunications, data centers, and smart cities.

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