Sterlite Tech rises on removal of entire pledge on company’s shares

Shares of Sterlite Technologies Ltd gained over 10percent intraday high at Rs194 apiece on bourses, on Tuesday session after the promoters announced the release of 100pc pledged shares in the company with immediate effect.

Accordingly, the promoter entity TwinStar Overseas has reportedly pledged their 52.01pc of holding in SterliteTechnologies with Citicorp International as collateral for loan taken by the group Co Volcan Investment. 

The stock of SterliteTechnologies rose upto 11pc to Rs194per share on the NSE. At 11:05am, the stock was up 9.42pc at Rs189.90 per share as compared to a 0.19pc (22points) rise in the NSE Nifty at 11,945 and 24pc (95points) rise in BSE Sensex at 39,880.07.

For Better Stock Trading, Go On Free Stock Tips.