Bonus plan perks up Sterlite Industries

DALAL STREET SPIKES

Sterlite Industries touched a high of Rs 1,304 before closing at Rs 1,274, gaining Rs 50 from its previous close.

The counter was very volatile with more than 76,439 shares changing hands after the company's shareholders approved a resolution to issue bonus in the ratio of 1:1.

February 9 has been fixed as the record date for determining the shareholders eligible for the bonus allotment.

According to analyst, Sterlite Industries, which has interests in aluminium, copper and zinc, is expected to record good growth on the back of the firm trend in prices of non-ferrous metals.

Aluminium, copper and zinc prices have been ruling firm all through the last six months, the analyst added. Sterlite owns 51 per cent in Balco and 46 per cent in Hindustan Zinc.

As on September 30, 2003, promoters held 66.81 per cent stake in Sterlite Industries while the public and institutions held 21.25 per cent and 8.65 per cent, respectively.