Sterlite Industries (India) rose 0.5% to Rs 89.70 at 09:25 IST on BSE, after the company's American depository receipt, or ADR, gained 1.85% to settle at $6.59 on the New York Stock Exchange on Friday, 5 April 2013.
Meanwhile, the S&P BSE Sensex was up 5.61 points or 0.03% at 18,455.84.
On BSE, 19,234 shares were traded in the counter as against average daily volume of 5.04 lakh shares in the past one quarter.
The stock hit a high of Rs 89.90 and a low of Rs 89.20 so far during the day. The stock had hit a 52-week high of Rs 123.35 on 3 January 2013. The stock hit a 52-week low of Rs 87 on 5 April 2013.
The stock had underperformed the market over the past one month till 5 April 2013, sliding 5.71% compared with the Sensex's 3.62% fall. The scrip had also underperformed the market in past one quarter, declining 25.59% as against Sensex's 6.74% fall.
The large-cap company has equity capital of Rs 336.12 crore. Face value per share is Re 1.
Sterlite Industries (India) on 3 April 2013 said that the Bombay High Court at Goa, by order dated 3 April 2013, has approved the Scheme of Amalgamation and Arrangement amongst Sterlite Industries (India), Madras Aluminium Company, Sterlite Energy, Vedanta Aluminium and Sesa Goa and their respective shareholders and creditors, to create Sesa Sterlite.
The scheme is also subject to approval of the Madras High Court wherein the hearings have completed and the order is awaited, Sterlite said in a statement.
Sterlite Industries (India) on 2 April 2013 said that Supreme Court of India vide its judgment dated 2 April 2013 has allowed the appeal of the company and set aside the judgment of the Madras High Court order dated 29 September 2010 vide which the company's Tuticorin Smelter was ordered to be closed. The company had appealed against the Madras High Court order closing the Tuticorin Smelter (Unit). The Apex Court had initially stayed the Madras High Court judgment vide interim order dated 1 October 2010. The Apex Court had appointed a team of NEERI, TNPCB and CPCB to carry out inspection of the Unit. NEERI submitted its report confirming that the Unit meets the required standards and made certain recommendations for improvements which were implemented.
The Supreme Court after being satisfied has allowed the appeal of the company. The Apex Court as part of environment commitment of the company has asked the company to deposit Rs 100 crore to the Collector, Tuticorin. This money will be kept in a Nationalized bank and the interest will be used to improve the air and water environment of Tuticorin, Sterlite said.
The company said it will continue to work in close association with the state government of Tamil Nadu and other regulatory bodies, towards maintaining highest standards of health, safety and environment.
Sterlite Industries (India)'s consolidated net profit jumped 30.4% to Rs 1191.41 crore on 4.3% growth in net sales to Rs 10692.40 crore in Q3 December 2012 over Q3 December 2011.
Sterlite Industries (India) is India's largest diversified metals and mining company. The company produces aluminium, copper, zinc, lead, silver, and commercial energy and has operations in India, Australia, Namibia, South Africa and Ireland. The company has a strong organic growth pipeline of projects.
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