Shares of Sterlite Technologies Ltd. surged nearly 14% on Tuesday to the highest in over a month. The surge followed the launch of a qualified institutional placement after the authorisation and allotment committee of the company's board of directors authorised the opening of the issue a day ago. The optical and digital solutions company set the floor price for the QIP at Rs 119 per share, according to an exchange filing, indicating a discount of 6.52% to the previous day's closing.
On the NSE, Sterlite's stock jumped as much as 13.86% during the day to Rs 145 apiece, the highest since Feb. 27. It was trading 13.19% higher at Rs 144.15 per share, compared to a 0.38% advance in the benchmark Nifty as of 10:10 a.m.
The share price has declined 8.13% in the last 12 months. The total traded volume so far in the day stood at 18 times its 30-day average. The relative strength index was at 66.15.
Out of four analysts tracking the company, two have a 'buy' rating on the stock, one recommends 'hold' and another suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 5.6%.
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