Sterlite Promoters Jack Up Pie By 4.6% In June-Sept

The promoters of Sterlite Industries (India) Ltd (SIL) have increased their stake by 4.58 per cent during June-September to 43.02 per cent.

Institutional holding in the company has subsequently come down to 17.61 per cent from 25.37 per cent. The present shareholding pattern of the company is : mutual funds & UTI 6.51 per cent; banks, financial institutions & insurance companies 6.13 per cent; foreign financial institutions 4.97 per cent; Indian public 30.06 per cent; non-resident Indians/ overseas corporate bodies 1.4 per cent; global depository receipt holders 0.05 per cent and promoters 43.02 per cent.

The scrip had an up run from Rs 94.25 on July 20 to Rs 126.9 on August 9 and thereafter was thumbed down. The stock has a year high of Rs 191.50 and a low of Rs 82.

 

Analysts said recent recovery in prices of copper and aluminium in the international markets has buoyed the company's prospects. Also, having been acquitted of charges of manipulating its stock price, the company can access the stockmarket.

Sterlite, it maybe mentioned had plans to buyback 25 per cent of its stock which was later cancelled. They said the promoters move to scale up their stake to 43 per cent indicated that the promoters might continue in increasing their holding to 51 per cent in future.