Sesa Sterlite hits 52-week high after Q2 results

Sesa Sterlite rose 1.49% to Rs 204.90 at 9:25 IST on BSE after consolidated net profit jumped 358.65% to Rs 2394.37 crore on 8410.59% jump in total income to Rs 26266.22 crore in Q2 September 2013 over Q2 September 2012.

The company announced result after market hours on Thursday, 31 October 2013.

Meanwhile, the BSE Sensex was up 79.45 points, or 0.38% , to 21,243.97.

On BSE, 1.18 shares were traded in the counter compared with average volume of 15.01 lakh shares in the past one quarter.

The stock hit a high of Rs 206.85 so far during the day, which is also 52-week high for the counter. The stock hit a low of Rs 203.50 so far during the day. The stock 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 31 October 2013, rising 11.73% compared with the Sensex's 9.21% rise. The scrip had also outperformed the market in past one quarter, soaring 57.86% as against Sensex's 9.40% rise.

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

Sesa Sterlite said that consequent to the restructuring exercise, the results for the quarter ended 30 September 2013 are not comparable with the corresponding period of the previous year.

Sesa Sterlite's Chairman, Anil Agarwal, said: "The merger of Sterlite Industries and Sesa Goa has created one of the world's largest global diversified natural resources companies. Sesa Sterlite is the Indian flagship of our group and with its world class assets, efficient operations and our strong track record, we are well placed to deliver superior returns for shareholders. Despite volatile commodity prices and temporarily suspended iron ore operations at Goa and Karnataka, the company has delivered a strong operational and financial performance during the quarter, with production growth at our Oil & Gas, Zinc and Aluminium businesses. We expect to recommence mining in Karnataka soon and are hopeful that the Goa mining suspension will be resolved by the Supreme Court soon, which will be helpful for the government exchequer and the local economy."

Sesa Goa has changed its name to Sesa Sterlite following the scheme of amalgamation between the Vedanta group firms whereby Sterlite Industries (India) and few other Vedanta group firms were merged with Sesa Goa.

Sesa Sterlite is one of the world's largest diversified natural resource companies. Its business primarily involves exploring, extracting and processing minerals and oil & gas. The company produces zinc, lead, silver, copper, aluminium, iron ore, oil & gas and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. Sesa Sterlite has a strong position in emerging markets with over 80% of its revenues from India, China, East Asia, Africa and the Middle East.

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