Sterlite Technologies, a telecom major, known to design, build and manage smarter data networks, has received CRISIL's long term rating upgrade to 'CRISIL AA-/Stable and a short term credit upgrade to 'CRISIL A1+' from CRISIL A1 /Watch Developing'.

This upgrade is based on Sterlite Tech's sustained improvement in financial risk profile over the medium term, backed by healthy and steady net cash accrual. As per CRISIL, Sterlite Tech's strong business risk profile reflected in its dominant market position in optical communication products, OSS/BSS software, healthy operating efficiencies, and expected increase in revenue contribution from network and system integration services business.

Anand Agarwal, CEO, Sterlite Technologies, said, "We are on a progressive track because of growing and sustained need for smarter data networks. Globally, we are witnessing strong demand for optical fibre which is more than that of supply currently. With this, we have a strong orderbook of Rs 2,324 crore and over Rs 10,000 crore of opportunities around 4G, Smart City, BharatNet and FTTH deployments. We have also strengthened our leadership spread with a strong advisory board to create a strategic roadmap in alignment with Digital India targets." 

Shares of the company gained Rs 0.55, or 0.58%, to settle at Rs 95.00. The total volume of shares traded was 144,449 at the BSE (Tuesday).