Sterlite firms up as board scraps revamp plan

DALAL STREET SPIKES

Sterlite Industries India jumped 8.36 per cent to Rs 487.5 on Wednesday after the Vedanta board dropped the proposed restructuring scheme, announced earlier this month, due to opposition from some shareholders.

The restructuring plan would have put the group’s aluminium and power businesses under Madras Aluminium Company by allowing Sterlite to concentrate on copper, zinc and lead businesses. The stock hit an intraday high of Rs 517.7 and a low of Rs 447 with trading volumes of 3,000,280 (nearly twice its two-week average volume).