The Economic Times daily newspaper is available online now.

    Buy Sterlite Technologie, target price Rs 220: ICICI Direct

    Synopsis

    Promoters held 54.11 per cent stake in the company as of 30-Sep-2022, while FIIs owned 6.03 per cent, DIIs 3.74 per cent.

    Sterlite TechnologiesETMarkets.com
    The company is uniquely positioned to benefit from 5G/FTTH deployment cycle both domestically and globally.
    ICICI Direct has buy call on Sterlite Technologies with a target price of Rs 220.The current market price of Sterlite Technologies is Rs 173.4.

    Sterlite Technologies, incorporated in the year 2000, is a Mid Cap company (having a market cap of Rs 6910.60 Crore) operating in Cables sector.

    Sterlite Technologies key Products/Revenue Segments include Income from Project Development, Cable Telephone System (CTS), Software Products, Sale of services, Export Incentives, Scrap and Other Operating Revenue for the year ending 31-Mar-2022.

    Financials
    For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 1797.00 Crore, up 13.73 % from last quarter Total Income of Rs 1580.00 Crore and up 18.71 % from last year same quarter Total Income of Rs 1513.77 Crore. Company has reported net profit after tax of Rs 38.00 Crore in latest quarter.

    The company’s top management includes Mr.Anil Agarwal, Mr.Pravin Agarwal, Dr.Anand Agarwal, Mr.Ankit Agarwal, Mr.Sandip Das, Ms.Kumud Srinivasan, Mr.S Madhavan, Mr.B J Arun. Company has Price Waterhouse Chartered Accountants LLP as its auditors. As on 30-09-2022, the company has a total of 40 Crore shares outstanding.

    Investment Rationale
    The company is uniquely positioned to benefit from 5G/FTTH deployment cycle both domestically and globally. The brokerage believes that with renewed focus on ramping down/exiting loss making segment and focusing on improving services segment profitability, STL will likely see improvement earnings momentum ahead.

    Promoter/FII Holdings
    Promoters held 54.11 per cent stake in the company as of 30-Sep-2022, while FIIs owned 6.03 per cent, DIIs 3.74 per cent.



    (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.

    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in