India's Sterlite Technologies rise after $317.6 million capex approval
04/09/2026 05:25
BUZZ-India's Sterlite Technologies rise after $317.6 million capex approval ** Shares of optical and digital solutions company Sterlite Technologies STTE.NS up 5% at 748.90 rupees--biggest pct jump since Aug 12
** Co approves investment of 30 billion rupees ($317.58 million) to expand capacity expansion by about 50% over existing installed manufacturing capacity
** STTE's current capacity utilisation at about 70%
** To fund investment through accruals and/or debt, co says
** Proposed capacity to be added by end of FY29
** Capacity expansion to cater to anticipated growth in demand of optical fiber cables and connectivity business, strengthen co's manufacturing capabilities
** YTD, shares up 625.68%
($1 = 94.4650 Indian rupees)
(Reporting by Saikeerthi in Bengaluru)
((Saikeerthi@thomsonreuters.com; (+91) 8296756080))
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