Sesa Goa drops on profit booking

Sesa Goa lost 2.29% to Rs 188.10 at 09:21 IST on BSE, with the stock declining on profit booking after surging 25.9% in prior four trading sessions.

Meanwhile, the S&P BSE Sensex was down 67.29 points or 0.37% at 18,333.75

On BSE, 2.52 lakh shares were traded in the counter as against average daily volume of 5.27 lakh shares in the past one quarter.

The stock hit a high of Rs 189.20 and low of Rs 182.40 so far during the day. The stock had hit a 52-week high of Rs 205.40 on 7 January 2013. The stock had 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 29 August 2013, surging 53.39% compared with the Sensex's 6.08% fall. The scrip had also outperformed the market in past one quarter, advancing 21.37% as against Sensex's 8.67% fall.

The large-cap company has equity capital of Rs 86.91 crore. Face value per share is Re 1.

Shares of Sesa Goa were on a roll recently. The stock surged 25.9% in four trading days to Rs 192.50 on 29 August 2013 from a recent low of Rs 152.90 on 23 August 2013. Shares gained 9.39% to Rs 167.25 on 26 August 2013 ahead of the stock's entry in the BSE Sensex pack. Shares gained 15.1% in three trading days since the stock's entry in the BSE Sensex pack from 27 August 2013.

Meanwhile, Sesa Goa after market hours on Thursday, 29 August 2013 said that the company's board of directors at its meeting held on Thursday, 29 August 2013 approved allotment of equity shares to the shareholders of Sterlite Industries (India) (Sterlite), The Madras Aluminium Company (MALCO) and Ekaterina (Ekaterina) pursuant to the Schemes of Amalgamation and Arrangement.

Shares of Sesa Goa were included in the 30-share benchmark S&P BSE Sensex from 27 August 2013. Sesa Goa replaced Sterlite Industries (India) in the Sensex following the scheme of amalgamation between the two Vedanta group firms whereby Sterlite Industries (India) was merged with Sesa Goa. As per the swap ratio, every equity shareholder of Sterlite holding 5 equity shares of the company will be entitled to be issued 3 shares of Sesa Goa. Shares of Sterlite Industries (India) settled at Rs 90.20 on Monday, 26 August 2013, its last trading day.

Sesa Goa's consolidated net profit fell 57% to Rs 414.30 crore on 79.1% decline in net sales to Rs 360.66 crore in Q1 June 2013 over Q1 June 2012.

Sesa Goa is India's leading producer and exporter of iron ore in the private sector with operations in the states of Goa and Karnataka in India and a large integrated project site in Liberia, West Africa.

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