Sterlite Technologies share price gains 7% on bagging Rs 1,800-cr project

Sterlite Technologies share price gained 7.7 percent intraday on January 2 after the company bagged a Rs 1,800-crore project for a high-speed rural broadband network in Telangana.

Telangana Fiber Grid Corporation and the company will work together to enable affordable and high-speed broadband connectivity to six million rural citizens in Telangana.

The company was awarded a work order for about Rs 1,100 crore for Phase-1 of the project that is worth Rs 1,800 crore for which it has received the letter of intent.

This turnkey project entails designing and building an end-to-end rural broadband network across 11 districts, 3000 gram panchayats of Telangana and managing the network for seven years.

"The uniqueness of T-Fiber project is that it will connect every household across the rural part of the state through optical fiber and provide them high speed internet connectivity," said KS Rao, CEO, Network Software and Services of Sterlite Technologies.

At 1112 hours, Sterlite Technologies was quoting at Rs 126.20, up Rs 8.05, or 6.81 percent, on the BSE.