Shares of Sterlite Technologies rallied up to 10 per cent to Rs 182 in Thursday’s trade after the company sold its stake in Impact Data Solutions, UK (IDS UK) to Hexatronic Group AB.
The divestment of the company’s stake in IDS UK was completed on October 4, 2022.
At 10:20 am, the scrip was trading 9 per cent higher at Rs 180 over its last day’s closing price of Rs 166 a piece. However, the stock has fallen nearly 18 per cent in the last six months, while it has dropped 37 per cent year-to-date.
As per Trendlyne data, the highest target for the stock goes up to Rs 225, while the average estimate of Rs 208 shows an upside of the potential of around 26 per cent from the current prices. Out of the two analysts covering the stock, both have a strong buy rating on the stock.
For the quarter ended June 30, 2022, the company reported consolidated net sales of Rs 1,575 crore, up 20 per cent from the year-ago quarter’s net sales of Rs 1,309 crore. The company reported a net loss of Rs 24 crore for the latest quarter.
Source: Economic Times