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Sterlite Technologies Shares Surge 3% as Nomura Initiates Buy Rating
M
Moneycontrol•06-10-2026, 09:25
Sterlite Technologies Shares Surge 3% as Nomura Initiates Buy Rating
- •Sterlite Technologies shares rose 3.2 percent in early trade, extending their winning streak to five sessions and a 25 percent rally over the past five days.
- •Nomura initiated coverage on the stock with a 'Buy' rating and a target price of Rs 1,350 per share, implying an upside of around 35 percent.
- •The brokerage forecasts robust revenue and EBITDA compound annual growth rates of 50 percent and 89 percent respectively over FY26-FY29.
- •The company recently secured a long-term supply agreement worth $1.2 billion with a hyperscale partner for optical connectivity products through December 2030.
Key Questions Answered
Nomura initiated coverage on Sterlite Technologies with a 'Buy' rating and a target price of Rs 1,350 per share, implying an upside of about 35 percent from Monday's closing price of Rs 1,001.25.
Sterlite Technologies announced a long-term optical connectivity supply agreement worth $1.2 billion with a hyperscale partner, running through December 2030 with supplies beginning in 2026.
STL Networks emerged as the L1 bidder for a Rs 250 crore RailTel Corporation of India contract to design, supply, install, and deploy cloud infrastructure at its data centre and disaster-recovery site.
