Sterlite Technologies rises 10% as Axis Capital maintains buy with target Rs 400

Revenue growth may accelerate, as company will add 20 m fkm capacity by June 2019, says Axis Capital.

Share price of Sterlite Technologies added more than 10 percent intraday Friday as research house Axis Capital has maintained buy rating with price target of Rs 400 per share.

The research house is positive on company's unique positioning in fiber ecosystem. Meanwhile, fiber is a strong runway for growth given the size of opportunity.

The order book of Rs 26,030 crore drives revenue visibility. Revenue growth may accelerate, as company will add 20 m fkm capacity by June 2019.

Also, capex related to 5G is going to accelerate the demand further, it added.

The company's consolidated Q1FY19 net profit rose 99 percent at Rs 120.71 crore against Rs 60.59 crore in the same quarter last fiscal.

At 10:55 hrs Sterlite Technologies was quoting at Rs 328.75, up Rs 27.60, or 9.16 percent on the BSE.

Two days Free Trials and best services packages for dealing in Stock market click here to get >> Nifty Market Tips and Ripples Advisory One Missed call on @9644405056