The share price of Sterlite Tech rose 10 percent to hit its 52-week high on Tuesday on media reports that the company is planning a Rs 300-crore optic fibre cable capacity expansion.

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According to reports, the firm is planning to invest Rs 300 crore to increase its capacity for optical fiber cables from 18 million to 33 million fibre kilometres as telecom service providers have stepped up investments in digital network infrastructure.

The company stock rose as much as 9.8 percent to its 52-week high of Rs 184.50 per share on the BSE.

Telecom majors Airtel and Jio have also been aggressively deploying their fiber-based networks following the massive surge in data consumption.

The media report further noted that nearly a third or 33 percent of the current 6.25 lakh telecom tower base is fiberalised while only 2.8 million fibre kilometers (fkm) have been deployed in the country as of December 2019.

Founded in 1988, Sterlite is a data network solutions provider with offices in six regions including India, China, US, Europe, Southeast Asia, and the Middle East.

For the September quarter, the company posted over 63 percent year-on-year decline in consolidated net profit at Rs 58.5 crore, hurt by lower revenue and a higher mix of service business.

However, the profit and revenue in the September quarter were substantially higher sequentially, and the company exuded confidence that the sequential growth logged would continue for the next two quarters as well.