Sterlite Tech News Today

Shares of Sterlite Technologies surged more than 12 per cent to Rs 124.30 on Monday, commanding a total market capitalization of more than Rs 5,000 crore.

The Pune-based optical and digital solutions company is primarily involved in collaboratively developing optical fibre solutions for Vocus, aimed at defined goals like the delivery of high-speed connectivity across Australia.

BSE was the top gainer in the Nifty500 index, soaring 521 percent, followed by IRFC and Suzlon Energy, which skyrocketed 462 percent and 444 percent, respectively.

Nifty on Monday fell 161 points to form a bearish Engulfing pattern on the daily charts to hint at short-term top reversal for the market. The short-term trend of Nifty seems to have turned down and the next lower levels to be watched are around 22,100-22,050 levels.

Sterlite will offer advanced, purpose-engineered optical fiber cable designs and will also supply its flagship opto-bolt product

The optical and digital solutions company will be responsible for end-to-end premise connectivity in the temple, which was inaugurated by PM Modi a day earlier

Tata Technologies will be the first IPO by the Tata Group in nearly two decades, after Tata Consultancy Services. The company is likely to raise around Rs 3,000-3,200 crore via IPO

MD Ankit Agrawal said that the company has about 20 per cent market share in Europe and between 10 to 12 per cent market share in the US. "We do see some inventory build-up in North America. We do expect probably another six to nine months for that inventory to reduce and then the demand to come back. Overall for this year, we do expect some volume decline. And probably from next year onwards, the volumes will come back," Agrawal said.

Only eight stocks in the smallcap space delivered double-digit returns. Black Box was the top gainer in the week with 20.64% returns.

Dr. Reddys, HUL, ITC, Kotak Bank and JSW Steel were among the top losers on NSE.