Sterlite Technologies rallies ~11% after disposal of stake in IDS UK

6 Oct 2022 , 01:15 PM

Sterlite Technologies‘ shares jumped nearly 11% to Rs183.75 on Thursday after the firm sold its interest in Impact Data Solutions, UK (IDS UK) to Hexatronic Group AB.

The company completed the divestment of its stake in IDS UK on October 4, 2022.

At around 1.11 PM, Sterlite Technologies was trading 10.73% higher at Rs183.65, against the previous close of Rs165.85 on NSE. So far, the counter hit intraday high and low of Rs187.45 and Rs168 respectively.

The company recorded consolidated net sales of Rs1,575 crore for the quarter ended June 30, 2022, a 20% increase over the previous quarter’s net sales of Rs1,309 crore. For the most recent quarter, the tech player recorded a net loss of Rs24 crore.

According to Trendlyne data, the maximum target price for the stock is Rs225, while the average estimate of Rs208 indicates a possible upside of roughly 26% from current levels.

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