India's Sterlite Tech hits record high after Nomura starts with 'buy' rating
BUZZ-India's Sterlite Tech hits record high after Nomura starts with 'buy' rating ** Telecom products maker Sterlite Tech's STTE.NS shares rise as much as 4.98% to a record high of 1,051.10 rupees apiece; last up 2%
** Nomura initiates coverage at "buy" with PT of 1,350 rupees, implying an upside of 48.4%
** Optical fiber cable industry is amid a multi-year super-cycle driven by strong direct current capex tailwinds that are likely to persist beyond 2030, says Nomura
** Highlights STTE as prime DC capex beneficiary
** Adds, STTE likely to post 14% CAGR in OFC demand over 2025-2030 in North America and Europe
** Nirmal Bang started coverage of STTE with "buy" rating and 1,340 rupees PT, on Monday
** STTE shares have seen a 10-fold jump in 2026 so far
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
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