Sesa Sterlite gained 2.07% to Rs 201.70 at 13:35 IST on BSE after the company announced its production results for the Q4 and full year ended 31 March 2014.
The announcement was made during market hours today, 10 April 2014.
Meanwhile, the BSE Sensex was up 18.19 points, or 0.08%, to 22,720.53
On BSE, so far 4.41 lakh shares were traded in the counter, compared with an average volume of 6.78 lakh shares in the past one quarter.
The stock hit a high of Rs 202 and a low of Rs 197.25 so far during the day. The stock hit a 52-week high of Rs 213.05 on 21 January 2014. The stock hit a 52-week low of Rs 119.45 on 31 July 2013.
The stock had outperformed the market over the past one month till 9 April 2014, rising 6.12% compared with the Sensex's 3.57% rise. The scrip, however, underperformed the market in past one quarter, falling 1.37% as against Sensex's 9.6% rise.
The large-cap company has an equity capital of Rs 296.47 crore. Face value per share is Re 1.
Sesa Sterlite during market hours today, 10 April 2014 announced production figures for its various businesses for the Q4 and full year ended 31 March 2014. Mined metal production of the company's subsidiary Hindustan Zinc dropped 23% to 200,000 tonnes in Q4 March 2014 over Q4 March 2013. Mined metal production rose 1% to 880,000 tonnes in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). Production in the second half of FY 2014 was lower than what the company had planned initially due to slower than expected ramp up of underground mining projects and changes in mining sequence, wherein preference was given to primary mine development.
Integrated production of refined metal during the year was highest ever due to operational efficiencies and higher availability of smelters. Full year integrated production of zinc, lead and sliver were higher by 13%, 10% and 4% respectively, the company said in a statement.
Sesa Sterlite said that the company resumed iron ore mining in Karnataka on 28 December 2013 and optimized its approved annual capacity of 2.29mtpa, which resulted in a production of 1.5mt in FY 2014. However, only 27 kt was sold during the year. At Goa, the company participated in e-auctions of inventory and sold 0.3 million tonnes in Q4 March 2014 but these were not accounted for as sales since the dispatches did not take place during the quarter. These dispatches have commenced in April.
Regarding mining in Goa, the Expert committee appointed by the Supreme Court submitted its second interim report to the Court on 24 March 2014. The Expert committee, in its report, recommended that 27.5mtpa was a sustainable extraction level in the state, but suggested that the ideal permissible limit be 20mtpa until a scientific study is completed within 12 months. The decision of the Supreme Court is awaited on this matter, the company said.
The company said that production of pig iron rose 28% to 133,000 tonnes in Q4 March 2014 over Q4 March 2013. Production of met coke rose 27% to 119,000 tonnes in Q4 March 2014 over Q4 March 2013.
Production of copper cathodes rose 14% to 98,000 tonnes in Q4 March 2014 over Q4 March 2013. The full year production was 17% lower due to the temporary closure in Q1 June 2013, the company said.
Total aluminum production rose 2% to 200,000 tonnes in Q4 March 2014 over Q4 March 2013. Total aluminum production rose 3% to 794,000 tonnes in FY 2014 over FY 2013.
Total power sales fell 21% to 2,093 million units in Q4 March 2014 over Q4 March 2013. Total power sales fell 7% to 9,374 million units in FY 2014 over FY 2013.
Sesa Sterlite's consolidated net profit surged 276.1% to Rs 1868.29 crore on 7802.3% spurt in total income to Rs 19912.90 crore in Q3 December 2013 over Q3 December 2012.
Sesa Sterlite is one of the world's largest diversified natural resources companies. The company's business primarily involves exploring, extracting and processing minerals and oil & gas. The company produces oil & gas, zinc, lead, silver, copper, iron ore, aluminium 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.
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