Sterlite Industries is trading higher by 2% at Rs 101 on reporting a better-than-expected 75% year-on-year (yoy) jump in its consolidated net profit at Rs 1,743 crore for the quarter ended September 2012 due to forex gain and increase in power sales.
“The consolidated net sales however grew 9% to Rs 11,029 crore from Rs 10,135 crore during the same period on strong production and sales volumes of silver, lead, and copper as also in the power businesses,” Sterlite Industries said in a filing.
Meanwhile, the board of directors has recommended an interim dividend of Rs 1.1 a share, and the record date for dividend payment is fixed at October 30.
The stock opened at Rs 102 and hit a high of Rs 103 on the BSE. A combined 290,000 shares have changed hands on the counter in opening deals.