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Sterlite Tech shares rally most in 3 years on ₹2,631 crore BSNL contract

Shares of Sterlite Technologies Ltd surged over 15 per cent in Thursday's intraday session after it entered into an agreement with Bharat Sanchar Nigam Limited (BSNL) for ₹2,631.14 crore. The telecom equipment and accessories maker's stock rose as much as 15.2 per cent during the day to ₹88.6 per share, the biggest intraday gain since April 22, 2022. The stock pared gains to trade 13.6 per cent higher at ₹87.5 apiece, compared to a 0.09 per cent decline in Nifty 50 as of 9:50 AM. Shares of the company extended gains to their third day and are up nearly 50 per cent from their April lows. The counter has fallen 24 per cent this year, compared to a 6.2 per cent advance in the benchmark Nifty 50. Sterlite Technologies has a total market capitalisation of ₹4,286.02 crore, according to BSE data. Sterlite Tech's ₹2,631.14 crore order from BSNL Sterlite Technologies, through its demerged Global Services Business, in consortium with Dilip Buildcon, secured a contract from Bharat Sanchar Nigam Ltd (BSNL) under the BharatNet programme, according to an exchange filing on Wednesday. The agreement, signed on June 11, 2025, involves the design, supply, construction, upgradation, and maintenance of the middle-mile telecom network for the Jammu & Kashmir and Ladakh circles under Package 13. The total value of the contract is ₹2,631.14 crore (inclusive of GST), comprising capital expenditure (capex) of ₹1,620.50 crore and operating expenditure (opex) of ₹972.30 crore for the new network and ₹38.33 crore for the existing infrastructure. The construction phase will span three years, followed by a 10-year maintenance period. Maintenance payments will be made at 5.5 per cent per annum of capex for the first five years and 6.5 per cent annually for the remaining five, according to the statement. Sterlite Tech demerger of Global Service Biz Further, following a Scheme of Arrangement approved by the National Company Law Tribunal (NCLT), STL's Global Services Business has been demerged into STL Networks Ltd, effective March 31, 2025. In April, the company said that it successfully completed the demerger of its Global Service Business. Post the demerger, the services business will transition from Sterlite Technologies (STL) to STL Networks under the brand name "Invenia.' The move aligns with the company's vision to create two specialised, future-ready organisations poised for accelerated growth, it said earlier. About Sterlite Technologies The company designs and deploys high-capacity converged fibre cables and wireless networks. Besides, it partners with global telecom companies, cloud companies, citizen networks, and large enterprises to design, build and manage such cloud-native software-defined networks. Presently, it is engaged in the business of connectivity and network solutions.