Sterlite Technologies rises on launching manufacturing facility in Lugoff

Sterlite Technologies Ltd. | Cable | Capital Goods & Industrial Consumables | BSE: 532374 | NSE: STLTECH

18 Sep 2023 Evaluate

Sterlite Technologies is currently trading at Rs. 167.50, up by 2.30 points or 1.39% from its previous closing of Rs. 165.20 on the BSE.

The scrip opened at Rs. 166.00 and has touched a high and low of Rs. 171.50 and Rs. 166.00 respectively. So far 129306 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 192.95 on 19-Dec-2022 and a 52 week low of Rs. 142.00 on 28-Mar-2023.

Last one week high and low of the scrip stood at Rs. 179.00 and Rs. 158.45 respectively. The current market cap of the company is Rs. 6693.33 crore.

The promoters holding in the company stood at 54.05%, while Institutions and Non-Institutions held 9.16% and 36.80% respectively.

Sterlite Technologies (STL) has launched its state-of-the-art manufacturing facility in Lugoff, South Carolina - The Palmetto Plant. Named after the state tree of South Carolina, this facility, also designated as STL’s North American Headquarters, symbolizes STL’s commitment to the US market.

This strategic investment and expansion efforts in the U.S. further reinforce STL’s commitment to the Make in America vision. Addressing the market demand for 5G, FTTx, and the push for rural broadband, The Palmetto Plant, spanning over 168,000 sq. ft will specialize in future-ready optical solutions, including high fiber count cables with smaller diameters. The emphasis will also extend to pioneering designs, notably high-capacity ribbonized cables and ruggedized designs for rural deployments. To help operators tackle the industry-wide skills shortage, the new Lugoff facility is also prioritizing optical connectivity products that are simple to deploy, monitor, and maintain.

Sterlite Technologies is one of the industry's leading integrators of digital networks providing All-in 5G solutions.