June 11, 2019 / 4:13 AM / a month ago

BUZZ-India's Sterlite Technologies rises; promoters remove pledge on co's shares

** Shares of optical fibre cable maker Sterlite Technologies Ltd climb as much as 11.8% to 194 rupees — the highest since May 8

** Promoters on Monday removed 100% of the pledge on co’s shares with immediate effect

** On May 7, promoters had reached an agreement with their lenders to remove pledge of co’s shares

** About 3 mln shares change hands in early trade, compared with the 30-day average of about 3.2 mln shares

** Stock has PE of 12.38, above sector average of 11.52

** As of Monday’s close, the stock is down 40.8% (Reporting by Harish Bhaskar in Bengaluru)

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