Moody's Investors Service has today withdrawn Sterlite Technologies Limited's (STL) B1 corporate family rating and the stable outlook on the rating.
Moody's has decided to withdraw the rating for its own business reasons. Please refer to the Moody's Investors Service Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.
STL is a telecommunications products, services and software company that is listed on the Bombay Stock Exchange. The company manufactures optical communication products (i.e. preform, optic fiber, optic fiber cable and copper cables). The services business includes network and system integration for end-to-end project management for building and managing broadband networks. The software business sells operating and business support systems, primarily to telecommunications operators.
As at 31 December 2018, Volcan Investments Ltd., through its 100%-owned subsidiary Twin Star Overseas Ltd, owned 52.04% of STL, while Vedanta Limited owned 1.2% directly. The public float was 46.7%.
Shares of STERLITE TECHNOLOGIES LTD. was last trading in BSE at Rs.208.1 as compared to the previous close of Rs. 215.95. The total number of shares traded during the day was 1159884 in over 13103 trades.
The stock hit an intraday high of Rs. 215.55 and intraday low of 189. The net turnover during the day was Rs. 234115917.