Sterlite Tech shares rally 12% after partnership with Australia-based Vocus Group

Shares of Sterlite Technologies surged during the trading session on Monday after the company announced to deepen partnership with Vocus for faster deployment of high-capacity networks in Australia, through an exchange filing during the session.

Sterlite Technologies has been actively involved in collaboratively developing optical fibre solutions tailored to Vocus’ goal of delivering high-speed connectivity across Australia. The company has inked a new multi-year deal with Vocus in building, operating, and maintaining its extensive fibre network, said the exchange filing.

Following the announcement, shares of Sterlite Technologies surged more than 12 per cent to Rs 124.30 on Monday, commanding a total market capitalization of more than Rs 5,000 crore. The scrip had settled at Rs 110.80 in the previous trading session on Thursday.

Sterlite Tech has been supporting Vocus in building, operating, and maintaining its extensive fibre network with its world-class optical networking solutions made sustainably at its 'zero waste to landfill' and 'zero liquid discharge' certified facilities.

"The new multi-year partnership will see increased usage of Sterlite Tech's ultra-slim profile Micro TM cables in Vocus’ network, along with the use of STL’s flagship Stellar TM fibre. Using such a bend-resilient fibre will improve Vocus network quality with lower losses, higher network availability and longer lifetime," it added.

In the last three years, STL has supplied more than 1000 kms of optical fibre cable to Vocus and is committed to providing the most sustainable, quality products by being ‘first in the world’ to launch a range of externally certified eco-labelled optical products, said the company.

Vocus, a specialist fibre and network solutions provider, owns and operates more than 25,000 kms of fibre network that is purpose-built and managed for businesses and the Government. Its high-performance and secure network infrastructure connects people, businesses, government, and communities in Australia to the world.