Sterlite jumps 8% on price hike

DALAL STREET SPIKES

Sterlite Industries zoomed over 8 per cent from its previous close of Rs 434.85, touching an intraday high of Rs 475.60 and settled for a close at Rs 469.50. Over 7 lakh shares changed hands.

The surge came after the company decided to raise the premium on various copper varieties by $10 to $265 a tonne. The treatment and refining charges of copper are stable at $230 a tonne, thus increasing the company's margins.

Last month, the company was in the news over its plans to enhance capacity at its copper smelter in Tuticorin from the existing 4 lakh tonne to 6 lakh tonne.