Sesa Sterlite gains as subsidiary receives clearance for Korba power plant

Sesa Sterlite rose 1.38% to Rs 202.15 at 10:49 IST on BSE after the firm said its subsidiary Balco received approval from the Chattisgarh State Pollution Control Board and other clearances for starting its Korba-based 1200 MW power plant.

The announcement was made during market hours today, 22 January 2015.

Meanwhile, the S&P BSE Sensex was up 167.63 points or 0.58% at 29,056.49.

On BSE, so far 2.45 lakh shares were traded in the counter as against average daily volume of 4.66 lakh shares in the past one quarter.

The stock hit a high of Rs 206.65 and a low of Rs 201.05 so far during the day. The stock had hit a 52-week high of Rs 318.40 on 6 June 2014. The stock had hit a 52-week low of Rs 169.55 on 14 March 2014.

The stock had underperformed the market over the past one month till 21 January 2015, declining 4.25% compared with the Sensex's 5.54% rise. The scrip had also underperformed the market in past one quarter, sliding 19.65% as against Sensex's 8.7% rise.

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

Meanwhile, with reference to the news item captioned "Sterlite to restart mining in Goa in 2 weeks", Sesa Sterlite has clarified after market hours yesterday, 21 January 2015, that the State Government of Goa vide its order dated 15 January 2015 has revoked its earlier order dated 10 September 2012 vide which mining was temporarily suspended. The company has received approval for renewal of all its mining leases in the state of Goa and expects to resume mining in near future once the entire process for resumption of mining, i.e. execution of leases including registration, environment clearance and other approvals/consents is approved by the Government and other regulatory bodies.

Sesa Sterlite's consolidated net profit fell 32.4% to Rs 1619.29 crore on 22.7% decline in net sales to Rs 19448.14 crore in Q2 September 2014 over Q2 September 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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