Shares of Sterlite Technologies gained as much as 6.04% on Wednesday after it announced a partnership with Bharti Airtel to build a modern optical fibre network for Airtel across 10 telecom circles.
At 12:05 pm, the stock traded at ₹164.30 apiece up 4.45% from its previous close, while the benchmark Sensex was flat at 39,073.22 points.
The modern optical network will enable Airtel to deliver world-class customer experience through enhanced scalability, reduced latency, and improved bandwidth, Sterlite Technologies said in a regulatory filing.
The densely fiberized, future-ready network, will also form the foundation for many next-gen services such as 5G, FTTH, IoT, enterprise networks, and Industry 4.0. The announcement was made after market hours, it added.
From the beginning of the year, Sterlite Technologies gained 39.3% against a fall of 5% in the benchmark Sensex. From March lows, the stock more than doubled, while Sensex advanced 33%.
Sterlite Technologies posted a 96% decline in consolidated net profit to ₹5.96 crore for the June quarter, against a profit of ₹142.87 crore in the same period a year ago. Total income declined 38.5% to ₹885.73 crore for the June quarter from ₹1,440.73 crore in the corresponding quarter of the preceding fiscal.