Sesa Sterlite drops after subsidiary wins coal block in Chhattisgarh

Sesa Sterlite fell 1.56% to Rs 208.35 at 10:23 IST on BSE after the company's subsidiary Bharat Aluminium Company won the Chotia coal block in Chhattisgarh for Rs 3,025 per tonne.

Meanwhile, the S&P BSE Sensex was up 147.95 points or 0.51% at 29,279.85.

On BSE, so far 81,000 shares were traded in the counter as against average daily volume of 5.03 lakh shares in the past one quarter.

The stock hit a high of Rs 210 and a low of Rs 206.05 so far during the day. The stock had hit a 52-week low of Rs 169.55 on 14 March 2014. The stock had hit a 52-week high of Rs 318.40 on 6 June 2014.

The stock had outperformed the market over the past one month till 16 February 2015, surging 9.69% compared with Sensex's 3.61% rise. The scrip had, however, underperformed the market in past one quarter, sliding 11.65% as against Sensex's 3.88% rise.

The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Re 1.

Sesa Sterlite's subsidiary Bharat Aluminium Company (Balco) won the Chotia coal block in Chhattisgarh for Rs 3,025 per tonne, according to the results of e-Auction for Schedule II coal mines announced by the Ministry of Coal on Tuesday, 17 February 2015.

Sesa Sterlite's consolidated net profit fell 15% to Rs 1587.50 crore on 1.5% decline in net sales to Rs 19128.21 crore in Q3 December 2014 over Q3 December 2013.

Sesa Sterlite is one of the world's largest diversified natural resources companies. Its business primarily involves exploring, extracting and processing minerals and oil & gas.

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