Sesa Sterlite shines as govt may take decision on Balco, Hindustan Zinc stake-sale today

Sesa Sterlite rose 3.79% to Rs 181.90 at 12:44 IST on BSE on reports that the government may take a decision today, 29 November 2013, on the long-delayed plans to sell government's stake in Balco and Hindustan Zinc.

Meanwhile, the S&P BSE Sensex was up 256.45 points or 1.25% at 20,791.36.

On BSE, 8.31 lakh shares were traded in the counter as against average daily volume of 11.04 lakh shares in the past two weeks.

The stock hit a high of Rs 182.50 and a low of Rs 176.10 so far during the day. The stock had hit a 52-week high of Rs 209.35 on 3 November 2013. The stock had hit a 52-week low of Rs 119.45 on 31 July 2013.

Sesa Sterlite had acquired the government's 51% stake in Balco in 2001 for Rs 551 crore. It had also acquired a 45% stake in Hindustan Zinc for Rs 750 crore and the remaining 20% through an open offer. Both were acquired during privatisation carried out by the Atal Bihari Vajpayee-headed NDA government. The government owns 29.5% in Hindustan Zinc and 49% in Balco.

Sesa Sterlite's consolidated net profit spurted 358.7% to Rs 2394.37crore on 8619.8% growth in net sales to Rs 25166.16 crore in Q2 September 2013 over Q2 September 2012.

Sesa Sterlite is one of the world's largest diversified natural resource companies. Its business primarily involves exploring, extracting and processing minerals and oil & gas. The company produces zinc, lead, silver, copper, aluminium, iron ore, oil & gas and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. Sesa Sterlite has a strong position in emerging markets with over 80% of its revenues from India, China, East Asia, Africa and the Middle East.

Powered by Capital Market - Live News