By BullScreen Editorial Team 
Shares of Sterlite Technologies rallied 5% and hit their upper circuit on Thursday after the company launched its Qualified Institutional Placement (QIP) issue, setting a floor price of ₹613.69 per share to raise fresh capital from institutional investors.
The stock surged to an intraday high of ₹613.35 on the National Stock Exchange of India, compared to its previous close of ₹584.15. Trading was temporarily suspended after the stock hit its upper circuit limit, reflecting strong investor interest.
Sterlite Tech’s board approved the QIP launch on June 24, inviting bids from qualified institutional buyers (QIBs), including mutual funds, insurers, pension funds, and foreign investors. Under Securities and Exchange Board of India rules, the company can offer up to a 5% discount on the fixed floor price.
The capital raise is expected to strengthen Sterlite Tech’s liquidity position and help lower debt, positioning the company for the next wave of data center and AI-driven digital infrastructure expansion. As demand for high-speed connectivity, cloud infrastructure, and optical fibre networks rises, the move could support future growth in India’s AI ecosystem.
The company’s stock has been one of the strongest performers in the market, delivering over 483% returns in the past year and nearly 470% gains in 2026 so far. Financially, Sterlite Tech posted a sharp rise in quarterly earnings, with net profit jumping to ₹59 crore in Q4 from ₹5 crore a year ago, while revenue rose 37% to ₹1,441 crore.