Shares of Sterlite Technologies (STL) gained over 11 percent on Tuesday after the promoters announced the release of entire pledged shares in the company with immediate effect.

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The stock rose as much as 11.5 percent to Rs 193 per share on the BSE. At 10:10 AM, the stock was up 7.5 percent at Rs 186 per share as compared to a 0.3 percent (121 points) rise in the BSE Sensex at 39,905.

"As communicated, we have removed the entire pledge on STL, and remain committed to the highest level of corporate governance and our shareholding in the company," said Anil Agarwal, group chairman, in a BSE filing.

"We are extremely excited about STL's strategic push towards the future of global data networks. Our recent new technology solutions for data networks are very encouraging and have the potential to fundamentally disrupt the space," the filing added.

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