Sterlite Technologies shares rose 15% today; here’s why
Sterlite Technologies shares gained 15% to Rs 146.40 against the previous close of Rs 127.30 on BSE. Market cap of the firm rose to Rs 5,613.57 crore.
- Apr 9, 2024,
- Updated Apr 9, 2024 2:39 PM IST
Shares of Sterlite Technologies Ltd zoomed 15% on Tuesday after the firm launched a qualified institutional placement (QIP) of shares. The firm intends to raise Rs 1,000 crore via the share sale. Sterlite Technologies share sale will be held at a floor price of Rs 119 per share, a 6 percent discount to Monday's close of Rs 127.10 per share.
The company is looking to dilute 22 percent equity stake via the institutional share sale (QIP). Promoter group entities held a 53.99 percent stake at the end of December 2023 quarter.
There will also be a 60-day lock-in period for any further share sale. Motilal Oswal and Nuvama are the book running lead managers for the QIP.
Sterlite Technologies shares gained 15% intraday to Rs 146.40 on Tuesday against the previous close of Rs 127.30 on BSE. The stock touched its 52 week high of Rs 179 on September 11, 2023 and fell to a 52 week low of Rs 110 on March 27, 2024.
The stock has fallen 11% in a year and lost 5.09% this year.
On BSE, around 14.85 lakh shares changed hands amounting to a turnover of Rs 20.96 crore today. Market cap of the firm rose to Rs 5,613.57 crore.
Sterlite Technologies stock has a one-year beta of 0.9, indicating very low volatility during the period.
In terms of technicals, the relative strength index (RSI) of Sterlite Technologies stood at 51.8, signaling it's trading neither in the overbought nor in the oversold zone.
Sterlite Technologies shares are trading higher than the 5 day, 20 day, 50 day, 100 day but lower than the 150 day and 200 day moving averages.
Sterlite Technologies is a global leader in end-to-end data network solutions. The company designs and deploy high capacity converged fibre cables and wireless networks. It has expertise ranging from optical fibre and cables, hyper-scale network.
Shares of Sterlite Technologies Ltd zoomed 15% on Tuesday after the firm launched a qualified institutional placement (QIP) of shares. The firm intends to raise Rs 1,000 crore via the share sale. Sterlite Technologies share sale will be held at a floor price of Rs 119 per share, a 6 percent discount to Monday's close of Rs 127.10 per share.
The company is looking to dilute 22 percent equity stake via the institutional share sale (QIP). Promoter group entities held a 53.99 percent stake at the end of December 2023 quarter.
There will also be a 60-day lock-in period for any further share sale. Motilal Oswal and Nuvama are the book running lead managers for the QIP.
Sterlite Technologies shares gained 15% intraday to Rs 146.40 on Tuesday against the previous close of Rs 127.30 on BSE. The stock touched its 52 week high of Rs 179 on September 11, 2023 and fell to a 52 week low of Rs 110 on March 27, 2024.
The stock has fallen 11% in a year and lost 5.09% this year.
On BSE, around 14.85 lakh shares changed hands amounting to a turnover of Rs 20.96 crore today. Market cap of the firm rose to Rs 5,613.57 crore.
Sterlite Technologies stock has a one-year beta of 0.9, indicating very low volatility during the period.
In terms of technicals, the relative strength index (RSI) of Sterlite Technologies stood at 51.8, signaling it's trading neither in the overbought nor in the oversold zone.
Sterlite Technologies shares are trading higher than the 5 day, 20 day, 50 day, 100 day but lower than the 150 day and 200 day moving averages.
Sterlite Technologies is a global leader in end-to-end data network solutions. The company designs and deploy high capacity converged fibre cables and wireless networks. It has expertise ranging from optical fibre and cables, hyper-scale network.