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13 May

Research Icon - Sterlite Tech share price slips, board to consider share buyback

The share price of Sterlite Technologies was trading one percent lower in the morning trade on March 19, with the digital technology company’s board planning to consider a share buyback.

The board will meet on March 24 to consider a proposal for buyback of fully paid-up equity shares, the company said in a filing to the exchanges.

Sterlite Technologies had bagged orders worth Rs 1,500 crore ranging from continued business development in optical connectivity solutions and network services to emerging areas such as software virtualization, the filing said.

The company had won multi-year multi-million dollar contracts from major European telecom players. It has also got projects in the Middle East, Africa, and Southeast Asia for solutions related to standard billing, digital engagement, and AI-based monetization. The company, however, did not reveal the contract details.

The stock, which has cracked more than 58 percent in the last six months, was quoting at Rs 66.05, down Rs 0.85, or 1.27 percent.

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