Shares of Sterlite Technologies continued the upward trend on Tuesday after the company announced its ambitious plan to expand its data centre portfolio. On Tuesday, the stock of the optical networking firm jumped by nearly 15% on the National Stock Exchange (NSE) despite benchmark indices trading in red.
In the last 5 trading sessions, the shares have displayed a robust rally on the D-street, rising over 52% on NSE and BSE.
At 11:30 am, Sterlite Technologies shares were trading at ₹116.58 price level, up by 17.31% on the NSE.
The company announced the launch of a new gen of data centre solutions, "ranging from cabling to end-to-end connectivity offerings designed to power the relentless demands of AI-driven data centre infrastructure."
Keeping in view the rising demand for AI-driven data centre infrastructure, Sterlite Tech.'s recent announcement uplifted the overall investor sentiment on the D-street. As per data, the global data centre market is projected to reach $517 billion in the coming 5 years, growing at a compound annual growth rate (CAGR) of 10.5%.
“The future of data centres lies in architectures that balance scale, speed, and sustainability...in today’s AI-driven era, data centre solutions aren’t just about moving data— they’re about enabling intelligence at scale," said Rahul Puri, CEO, Optical Networking Business, Sterlite Technologies (STL).
The company has also partnered with Tech Data India. "As the exclusive distributor for STL in India, Tech Data leverages its global presence to enhance market reach and support future expansion into other geographies,” Bejoy Thekkekara, Senior Director, Networking, Tech Data India said in a release.
“Tech Data’s capabilities and commitment lies in onboarding new partners, accelerating STL's go-to-market, and bolstering brand positioning through market insights based on our deep expertise in the IT channel and ecosystem,' he added.
So far this year, STL shares have struggled to remain in the green territory, marking a decline of 2.7% on the NSE. The drop has been even steeper on an annual basis with the shares declining over 17.26%.
