The brand name of Sterlite Technologies Limited designs, builds and manages “smarter networks”. STL develops & delivers optical communication products, network & system integration services and software solutions for telecoms globally.
Sterlite Technologies, maker of optical fibre cable, their shares climbed as much as 6.6 per cent to Rs 204.4 in Tuesday’s session, marking their biggest gain in percentage points since March 5.
Shares of the company got traction after the company said in a filing on Monday that the promoters have reached an agreement with their lenders to remove pledge of company’s shares.
About 20 lakh shares of the company changed hands, compared with the 30-day average of about 30 lakh shares. The company expects the removal of pledge of shares to get completed by the end of July.
Shares of Sterlite Technologies traded 4.74 per cent up at Rs 200.90 on NSE around 11:05 am.
Read EquityPandit’s Technical Analysis of Indian Stock Market