India's Sterlite Technologies falls on selling telecom products, software business

Sterlite Technologies

28/03/2023 09:09

** Shares of Sterlite Technologies  STTE.NS  fall as much as
2.7% to 144.40 rupees, their lowest since Aug. 1, 2022
    ** Co signs agreement with Skyvera LLC and its Indian
subsidiary to sell its telecom products and software business
    ** Consideration to be received by co for sale of identified
assets and carveout IP is $15 mln
    ** Stock trading below its 50-, 100-, and 200-day moving
averages
    ** Relative Strength Index (RSI) below 30 for second
consecutive day, indicating stock is oversold
    ** Moving Average Convergence Divergence (MACD) line below
the signal line since March 23, suggesting bearish bias
    ** Trade volume of ~420,000 shares by 1:23 p.m. IST, 0.8x
30-day avg
    ** Stock down 15.6% so far this year, up to last close

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((Dimpal.Gulwani@thomsonreuters.com;))