Sterlite Technologies Ltd Share Price – NSE  /  BSE

Cables, Small Cap

Indraprastha Gas Ltd, Max Healthcare Institute Ltd, Aegis Logistics Ltd and Cartrade Tech Ltd are among the other losers in the BSE's 'A' group today, 18 April 2024.

Sterlite Technologies Ltd lost 7.84% to Rs 131.15 at 14:46 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 8.34 lakh shares were traded on the counter so far as against the average daily volumes of 5.78 lakh shares in the past one month.

Indraprastha Gas Ltd tumbled 5.32% to Rs 438. The stock was the second biggest loser in 'A' group.On the BSE, 1.59 lakh shares were traded on the counter so far as against the average daily volumes of 1.56 lakh shares in the past one month.

Max Healthcare Institute Ltd crashed 4.74% to Rs 779.2. The stock was the third biggest loser in 'A' group.On the BSE, 1.1 lakh shares were traded on the counter so far as against the average daily volumes of 1.25 lakh shares in the past one month.

Aegis Logistics Ltd dropped 4.68% to Rs 501.35. The stock was the fourth biggest loser in 'A' group.On the BSE, 2.07 lakh shares were traded on the counter so far as against the average daily volumes of 1.37 lakh shares in the past one month.

Cartrade Tech Ltd pared 3.95% to Rs 670.5. The stock was the fifth biggest loser in 'A' group.On the BSE, 5258 shares were traded on the counter so far as against the average daily volumes of 6893 shares in the past one month.

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The domestic equity benchmarks traded with substantial losses in the early afternoon. The Nifty dropped below the 22,150 mark. IT shares extended losses for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 494.59 points or 0.67% to 72,905.34. The Nifty 50 index declined 130.25 points or 0.58% to 22,142.25.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.01% while the S&P BSE Small-Cap index gained 0.50%.

The market breadth was positive. On the BSE, 2,183 shares rose and 1,491 shares fell. A total of 130 shares were unchanged.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.82% to 12.57. The Nifty 25 April 2024 futures were trading at 22,194, at a premium of 51.75 points as compared with the spot at 22,142.25.

The Nifty option chain for the 25 April 2024 expiry showed maximum Call OI of 51.7 lakh contracts at the 23,000 strike price. Maximum Put OI of 50.9 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty IT index dropped 1.62% to 33,904.80. The index fell 3.93% in three consecutive trading sessions.

LTIMindtree (down 2.69%), Infosys (down 2.43%), Coforge (down 2.31%), Mphasis (down 1.31%), Tech Mahindra (down 1.18%), L&T Technology Services (down 1.13%), HCL Technologies (down 1.11%), Wipro (down 0.84%), Tata Consultancy Services (down 0.8%) and Persistent Systems (down 0.75%) declined.

Stocks in Spotlight:

Sterlite Technologies rallied 6.56% after the company announced that it has raised Rs 1000 crore through a qualified institutional placement (QIP) route.

Happy Forgings advanced 4.77% after the company announced that it has secured a major order from a leading global Tier 1 manufacturer of automobile driveline components and systems.

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The company has allotted 8.84 crore equity shares to qualified institutional investors, including HDFC Mutual Fund, Nippon Life India, Goldman Sachs and Bandhan Mutual Fund, aggregating to Rs 1,000 crore. Post the allotment, the paid-up equity share capital of the company has increased to Rs 97.5 crore, comprising 48.75 crore equity shares.

The entire process saw healthy participation by highly reputed global and Indian investors, which is a testament to their confidence in STL.

The company said that investor confidence around the fundamental need for optical fibre across the world, its 30 years of expertise, solid customer credentials and its Glass to Gigabit capability have been some of the key factors behind the strong response to its QIP.

Ankit Agarwal, managing director, STL, said “We are thankful to our investors for their continued support and for believing in the growth potential of STL. The money raised through QIP will be utilised towards strengthening our balance sheet so that we double down on our purpose of transforming billions of lives by connecting the world.”

Sterlite Technologies is a leading end-to-end solutions provider for global digital networks.

The firm had reported a consolidated net loss of Rs 57 crore in Q3 FY24 as against a net profit of Rs 51 crore recorded in Q3 FY23. Revenue from operations decreased 29.79% year on year (YoY) to Rs 1,322 crore in the quarter ended 31 December 2023.

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Sterlite Technologies has raised Rs 1,000 crore through a qualified institutional placement route. The company approved the issue and allotment of 8.84 Cr Equity shares to qualified institutional investors, including HDFC Mutual Fund, Nippon Life India, Goldman Sachs and Bandhan Mutual Fund, aggregating to Rs 1000 crore. Post the allotment, the paid-up equity share capital of the company has increased to Rs 97.5 crore, comprising 48.75 crore equity shares.

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