Sterlite Tech gains 5% as Co partners with Airtel to build digital network

 Shares of Sterlite Technologies (STL) surged over 5 per cent to Rs 165.55 apiece on the BSE on Wednesday, a day after the company announced a partnership with Bharti Airtel to build a modern optical fibre network for the telco across 10 telecom circles.

This modern optical network, Sterlite Technologies said, will enable Airtel to deliver world-class customer experience through enhanced scalability, reduced latency, and improved bandwidth. The densely fiberised, future-ready network, will also form the foundation for many next-gen services such as 5G, fibre-to-the-home (FTTH), Internet of Things (IoT), enterprise networks, and Industry 4.0. CLICK HERE TO READ THE PRESS RELEASE

"As an integrator of end-to-end digital networks, we are constantly innovating to provide smarter and intelligent networks to our customers. We are excited about this stronger and renewed strategic partnership with Airtel," said KS Rao, CEO- Network Services and Software, STL.

Randeep Sekhon, chief technology officer (CTO) at Bharti Airtel, said, "We are pleased to deepen our collaboration with STL to build a competent, future-ready network. Airtel has always been committed to delivering customer delight and building a connected ecosystem. This 5G-ready and high capacity network will enable us to provide faster delivery of new services while delivering enhanced user experience."

At 09:41 AM, the stock was trading over 4 per cent higher at Rs 163.70 on the BSE. In comparison, the S&P BSE Sensex was trading flat at 39,090.53 levels. Meanwhile, Bharti Airtel was trading flat at Rs 487, up 0.3 per cent.

Shares of Sterlite Technologies had hit a 52-week high of Rs 611.70 on May 20, 2020, while its all-time high level stands at Rs 415, touched on January 24, 2018.

For the quarter ended June 2020, Sterlite Technologies had posted a 96 per cent decline in consolidated net profit to Rs 5.96 crore for the June quarter, hit by the Covid-19 crisis. The company had recorded a profit of Rs 142.87 crore in the same period a year ago. Total income of Sterlite Technologies (STL) declined by 38.5 per cent to Rs 885.73 crore from Rs 1,440.73 crore in the corresponding quarter of the preceding fiscal.

Anti-Sterlite stir: Except for few pockets, Thoothukudi returns to normal

Five days after the police shooting on anti-Sterlite protesters, which has claimed 13 lives until now, most of Thoothukudi town returned to normal life, except in few places where tension continues.
The police claim they opened fire on the protesters on Tuesday after the latter started throwing stones and burning vehicles. Apart from those killed, many of the protesters were also injured.
The protesters want the Sterlite Copper plant to be closed as they feel it is hazardous. The Madras High Court and the state government have ordered the closure of the factory. Following this order, the town started calming down.

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On Saturday, while the buses were running, people were not coming out in their usual numbers, said shopkeepers at the city's bus stand. The bus stand still has police presence and two or three police vans.
The police were using drones to watch over sensitive areas since the roads were blocked by residents.
A bus to Tiruchendur was set alight on Friday night, said the shopkeepers, adding that from the morning, only one or two buses had started for Tiruchendur.

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Further, a fruit vendor at the bus stand said that he didn't think the issue was over since the dead bodies had not been handed over to the relatives. Once the bodies are returned, there will be tension, he added.
A tea shop owner said that people were not coming to indulge in violence, adding that if they were, the people from the east part of the town, which is a fishing hamlet, would have been well armed. People walked in without any weapons, he added. He also thought that until the bodies were returned, the tension would not be over.
Meanwhile, in parts of the state, protests still continued against the police action at Thoothukudi.