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Last Updated : Jul 07, 2015 02:44 PM IST | Source: Moneycontrol.com

Sterlite Technologies jumps 8.5%, eyes big defence project

After winning a defence project worth Rs 2,500 crore, NRI billionaire Anil Agarwal-led power & telecom products manufacturer is now vying for another strategic project in the sector worth Rs 7,000 crore.

 
 
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Shares of Sterlite Technologies continued to see buying interest, rising 8.5 percent intraday Tuesday. It is in addition to 4.22 percent rally seen in previous session after the company said it was going to do capacity expansion to grab opportunities which will be available in digital business.


After winning a defence project worth Rs 2,500 crore, NRI billionaire Anil Agarwal-led power & telecom products manufacturer is now vying for another strategic project in the sector worth Rs 7,000 crore. The optical fibre manufacturer is also connecting defence establishments in Jammu & Kashmir with high-speed optical fibres.


"We are also vying for other defence projects. We already have one project for Rs 2,500 crore, which is essentially an army project. We have already bid for another army project worth Rs 7,000 crore," Sterlite Technologies Non-Executive Chairman Anil Agarwal told PTI.

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Agarwal, who is also the Chairman of mining giant Vedanta Resources, said the company is bullish on the defence sector.


The company's CEO Anand Agarwal said Sterlite produces state-of-the-art optical fibres, which can compete with the best globally. "Our value proposition is among the best globally and above all, we fulfill the requirements for the 'Make in India' programme," he added.


Sterlite is also the biggest provider for Prime Minister Narendra Modi's ambitious BharatNet project, which is estimated to cost the government over Rs 72,000 crore.


National Optical Fibre Network (NOFN) or BharatNet, which forms the backbone of the Digital India initiative, seeks to connect 2.5 lakh gram panchayats with high-speed broadband by December, 2017.


At 14:28 hours IST, the scrip of Sterlite Technologies was quoting at Rs 87.50, up Rs 3.45, or 4.10 percent on the BSE.

(With inputs from PTI)



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First Published on Jul 7, 2015 02:44 pm
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