India's Sterlite Technologies up 6.5% on profit swing

Sterlite Technologies

17/05/2023 09:49

** Shares of Sterlite Technologies Ltd  STTE.NS  rise as
much as 6.5% to 175.65 rupees, biggest intraday pct. gain since
Dec. 16
    ** Network solutions firm posts March-qtr consolidated net
profit of 650 mln rupees ($7.95 mln) vs a loss of 220 mln rupees
a yr earlier, aided by more-than 10-time revenue growth in its
digital and technology solutions segment
    ** Revenue from ops rises 25% to 18.72 bln rupees
    ** STTE approves demerger of its global services business
into a separate legal entity on a going concern basis for
simpler business structure 
    ** Demerged unit "STL Networks Ltd's" shares to be listed
publicly 
    ** Stock trading above its 50-, 100-, and 200-day moving
averages
    ** Trading volume at ~4 mln shares as of 1:50 p.m. IST, 7.7x
the 30-day avg 
    ** Stock last down ~3% this year, trimming losses of ~6% up
to last close

($1 = 81.7800 Indian rupees)

 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))