Sterlite Technologies shares rise 4% on deal for supply of green hydrogen

Shares of Sterlite Technologies Ltd gained nearly 4% in early deals after the leading optical and digital solutions company said it has joined hands with Hygenco, a homegrown green hydrogen solutions provider, for the supply of green hydrogen to its manufacturing plants. Sterlite Technologies stock rose 3.62% to Rs 163.15 in early deals against the previous close of Rs 157.45 on BSE. Market cap of Sterlite Technologies climbed to Rs 6,477.87 crore. Total 1.07 lakh shares of the firm changed hands amounting to a high turnover of Rs 1.71 crore on BSE.   

Sterlite Technologies shares have a one-year beta of 1.2, indicating high volatility during the period.   

In terms of technicals, the relative strength index (RSI) of Sterlite Technologies stands at 46.6, signaling the stock is trading neither in the oversold nor in the overbought territory. Sterlite Technologies shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day but lower than the 30 day moving averages. 

Hygenco will build-own-operate the Green Hydrogen facility for Sterlite Technologies for 20 years. The facility will be based on renewable energy and commissioned in the next 15-18 months. The project will be the very first Green Hydrogen project in India's optical industry and boost Sterlite Technologies ' netzero by 2030 ambition. 

Ankit Agarwal, Managing Director, Sterlite Technologies said, “Through this collaboration with Hygenco, Sterlite Technologies embarks on a transformative journey towards sustainability, harnessing the power of green hydrogen, an eco-friendly solution that empowers our Glass plant with clean energy. This partnership exemplifies our commitment to environmental stewardship, innovation, and a sustainable tomorrow, where we create products that transform billions of lives.” 

Sterlite Technologies is a leading global optical and digital solutions company providing advanced offerings to build 5G, Rural, FTTx, Enterprise and Data Centre networks. 
 

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