Sterlite bags contracts worth 600 Crore
Wednesday, 02 December 2009, 14:49 IST   |    1 Comments
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Sterlite bags contracts worth Rs.600 Crore
New Delhi: Optical fibre cable maker Sterlite Technologies Tuesday said it has bagged contracts worth 600 crore ($130 million) in India and Africa. In a regulatory statement, the company said it received contracts for its telecom and power products. Following the announcement, the company's scrip hit a 52-week high at 334.90 on the Bombay Stock Exchange during the day, but settled lower at 328, up 5 percent over its previous close. "With our global scale of operations and technical capabilities to develop solutions for evolving applications, we believe we are positioned to benefit from the global opportunities," Sterlite Technologies Director Pravin Agarwal said in the statement. Over 30 percent of the contract value would be executed next fiscal and the balance in 2010-11, the company said. The total order book of Sterlite stands at about 2,050 crore as on Nov 30, 2009. The Anil Agarwal-promoted firm is planning to raise its optical fibre cable capacity from six million km to 12 million km this fiscal. The company manufactures and sells optical fibre cables, telecommunication cables, and power transmission conductors.
Source: IANS
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