Sterlite Technologies shares rise over 4 per cent on BSNL contract

Shares of Sterlite Technologies, a provider of transmission solutions for power and telecom companies, on Wednesday surged over 4 per cent on the Bombay Stock Exchange (BSE) after the company received a Rs 114-crore contract from Bharat Sanchar Nigam Ltd (BSNL).

The company's stock settled 4.51 per cent higher at Rs 41.70 on BSE. During the day, the stock climbed 6.26 per cent to touch a high of Rs 42.40.

Sterlite Technologies on Wednesday said it has received the contract from BSNL for establishment of a broadband network in the state-run company's telecom circles.

The company will install and commission the system by the end of 2013 and will manage this network for seven years thereafter, Sterlite Technologies said in a filing to the BSE.

Meanwhile, the BSE benchmark Sensex ended at 17,065.15, down 34.13 points amid a highly volatile trend in the stock market.