Sterlite Tech shares jump 12% on data centre expansion to tap AI demand
Shares of Sterlite Technologies surged nearly 12% on Monday, June 16, after the company announced the expansion of its data centre portfolio to address growing demand from AI-driven infrastructure. The stock was among the top gainers in the broader markets.
ADVERTISEMENT In an exchange filing, the company said it has launched a new generation of data centre solutions—ranging from cabling to end-to-end connectivity—designed to meet the specific needs of hyperscalers, colocation providers, enterprises, and telecom operators.
Also Read: 10 midcap stocks with more than 20 buy Calls: Analysts see up to 25% upside
Sterlite expects the global data centre market to reach $517 billion by 2030, growing at a CAGR of 10.5%.
The new solutions include high-performance fibre and copper cabling systems tailored for smart buildings, campuses, and data centres. The company said its copper systems enable secure, reliable data and AV connectivity, while its riser and campus fibre cabling support high-speed, low-latency networking.
To strengthen distribution in India, Sterlite has partnered with Tech Data – India, a subsidiary of TD SYNNEX. Tech Data specialises in emerging technologies such as cloud, cybersecurity, AI, IoT, and analytics.
ADVERTISEMENT Last week, Sterlite Tech, in a joint venture with Dilip Buildcon, secured a Rs 2,631 crore order from BSNL under the BharatNet project. The contract involves building and operating middle-mile connectivity infrastructure across Jammu & Kashmir and Ladakh.Also Read: These 11 Nifty microcap stocks can rally 55-210% in the next 12 months
According to Trendlyne, the average target price for Sterlite Tech is Rs 93, suggesting limited upside from current levels. Of the two analysts tracking the stock, most have a 'Buy' rating.
ADVERTISEMENT The stock has rallied 56% over the past three months but remains down 20% over the past two years. Its current market capitalisation stands at Rs 4,532 crore.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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