Sterlite Tech stock jumps 9% on agreement to develop fiber-optic infra in US

Shares of Sterlite Technologies Limited soared 9 percent to Rs 146 on February 21 afternoon after the company announced a strategic partnership with Lumos, a US-based company,  to co-create fibre and
optical connectivity solutions in the mid-Atlantic region.

Sterlite will offer advanced, purpose-engineered optical fiber cable designs and will also supply its flagship Opto-bolt product, a pre-connectorised drop cable designed to significantly reduce installation time, a release said.

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“Our optical products bring forth a combination of advanced fiber optic technology and a faster go-to-market. We are confident that with Lumos’ support, we will be able to create value in this project,” Paul Atkinson, CEO of optical networking at Sterlite, said.

Last week, the company announced a partnership with BAPS temple in Abu Dhabi for optical solutions. The company will be responsible for end-to-end premise connectivity in the temple, provided through structured cabling solutions including optical fibre cables, category cables, cabinets and racks to support 10G network connectivity.

Sterlite Tech, boasting a market capitalisation close to Rs 6,000 crore, operates as a manufacturer in various segments including glass preforms, optical fibre, optical and specialty cables, and optical interconnects. The company also offers an array of services such as fibre rollout services, network services, and managed services.

At 12:25 pm, the stock was trading at Rs 144 on the National Stock Exchange, up 7.1 percent from the previous close. In the last three months, the stock has declined 3 percent on the bourses.

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