Sterlite Technologies surges 5% on QIP launch, sets Rs 613.69 floor price

Sterlite Technologies shares surged 5% after the company formally opened its qualified institutional placement (QIP) with a floor price of Rs 613.69 per share, set under SEBI ICDR pricing norms. The company may offer a discount of up to 5% on the floor price, with the final issue price to be determined in consultation with book-running lead managers. The stock has rallied 225% over the past three months and currently commands a market capitalisation of Rs 28,514 crore.