Sterlite Technologies shares gained up to 6.04% on Wednesday after announcing a partnership with Bharti Airtel to build a modern fiber optic network for Airtel across 10 telecom circles.
At 12:05 a.m., the stock was trading at ₹164.30 each up 4.45% from its previous close, while the benchmark Sensex was flat at 39,073.22 points.
The modern optical network will enable Airtel to deliver a world-class customer experience through improved scalability, reduced latency and improved bandwidth, Sterlite Technologies said in a regulatory filing.
The densely-fiber, future-ready network will also form the basis for many next-generation services such as 5G, FTTH, IoT, enterprise networks and Industry 4.0. The announcement was made after market hours, he added.
Since the start of the year, Sterlite Technologies has gained 39.3% against a 5% drop in the benchmark Sensex. From the March lows, the stock more than doubled, while Sensex rose 33%.
Sterlite Technologies recorded a 96% drop in consolidated net income at ₹5.96 crore for the June quarter, compared to a profit of ₹142.87 crore in the same period a year ago. Total income fell 38.5% to ₹885.75 crore for the June quarter from ₹1,440.73 crore in the corresponding quarter of the previous fiscal year.