Sterlite Tech in limelight

Sterlite Technologies is right there today morning among the top five gainers on the BSE since opening bell. The stock rose 11% to hit an intraday high at Rs.144.35; it has come off this high and is now trading at Rs.140 levels, nevertheless, over 7% higher.

The stock is in the limelight on hopes that it will be a big beneficiary of the digital push for greater internet connectivity throughout India, as was stressed by the PM in the Independence Day speech.

Earlier this year, in Jan itself, the company has bagged a Rs.1800 crore order to create high speed rural broadband network in Telangana under the BharatNet project, which aims to connect more than 2.5 lakh gram panchayats.

Many brokerage houses have initiated a “buy” on the stock with most expecting a major transformation in the earnings by FY23. CLSA has put out a target price of Rs.185 for the stock.