Sterlite net profit rises 50%

Sterlite Industries, the country’s largest copper producer, today posted a 50 per cent rise in June-quarter net profit at Rs 1,008 crore, over the corresponding period last year, as the metal commanded higher price. Sales rose 29 per cent to Rs 5,925 crore.

The billionaire Anil Agarwal-promoted Vedanta Group company said in a statement that it had consolidated cash of Rs 24,874 crore at the end of this quarter. Hindustan Zinc, a group company, last week posted a 24 per cent jump in its profit after tax at Rs 891 crore, for the quarter ended June 30, over the year-ago period.

Meanwhile, Sterlite Industries also said it was developing two ports in a joint-venture format in Andhra Pradesh and Orissa. The projects envisage a total outlay of Rs 900 crore.

Shares of the company today gained 0.2 per cent at Rs 174 on the Bombay Stock Exchange.

Meanwhile, Vedanta Group company Sterlite Industries today disclosed that the excise department has slapped a tax notice of Rs 324 crore on the company and charged it with violating several rules.

The company claimed to have obtained a stay from the Madras High Court on both the counts.