Sterlite Technologies shares rise; promoters reach deal with lenders to remove pledged shares

Shares of optical fibre cable maker Sterlite Technologies climbed as much as 6.6 per cent to Rs 204.4 in Tuesday's session, marking their biggest gain in percentage points since March 5.

Shares of the company got traction after the company said in a BSE filing on Monday that the promoters have reached an agreement with their lenders to remove pledge of company's shares.

The company expects the removal of pledge of shares to get completed by the end of July.

About 20 lakh shares of the company changed hands, compared with the 30-day average of about 30 lakh shares.

The stock has estimated PE of 13.68, below the sectoral average of 21.58.

Shares of Sterlite Technologies traded 4.74 per cent up at Rs 200.90 on NSE around 11:05 am.