Sterlite Technologies arm rises on bagging projects worth Rs 2,200 crore

Sterlite Technologies is currently trading at Rs. 30.65, up by 0.85 points or 2.85% from its previous closing of Rs. 29.80 on the BSE.

The scrip opened at Rs. 29.90 and has touched a high and low of Rs. 31.20 and Rs. 29.35 respectively. So far 1,73,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 58.75 on 25-Jul-2011 and a 52 week low of Rs. 27.45 on 28-Dec-2011.

Last one week high and low of the scrip stood at Rs. 32.20 and Rs. 29.35 respectively. The current market cap of the company is Rs. 1,205 crore.

The promoters holding in the company stood at 54.69% while Institutions and Non-Institutions held 12.28% and 33.03% respectively.

The Bhopal-Dhule Transmission Company (BDTCL) and Jabalpur Transmission Company (JTCL), both wholly owned subsidiaries of Sterlite Technologies have received Rs 2,200 crore as Debt Syndication for their power transmission projects. The syndication has State Bank of India as the lead participant. This is a crucial milestone in the development of these projects. Sterlite has already placed most of the project related orders on various local and global vendors for its lines and substations. It plans to close all pending orders shortly.

These 765 kV projects are a part of the ‘System Strengthening Common for Western & Northern Region’. The JTCL project would connect Dharamjaygarh-Jabalpur- Bina and features India’s first private sector developed Double Circuit Line. The BDTCL project includes Single Circuit Lines from Vadodara-Dhule-Aurangabad and Indore-Bhopal-Jabalpur, along with two 765 KV substations at Dhule and Bhopal- another first for a private sector player.

Sterlite has a portfolio of three projects estimated at a value of about Rs 4,000 crore. These projects would evacuate and transmit power through a network of 2200 km of transmission lines and two substations, across the states of Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, West Bengal, Bihar and Assam. All of these projects are currently on schedule, would be completed as per the development timelines.

The projects were awarded on a BOOM basis, to Sterlite on the basis of their technical and financial strength, through a tariff-based competitive bidding process.