Sterlite Industries India galloped 11.69% to Rs 502.55 at 12:18 IST on BSE, after the company said on Wednesday, 24 September 2008, its board has decided not to pursue a proposed restructuring scheme.
The company made this announcement during trading hours today, 24 September 2008.
The stock hit a high of Rs 517.70 and a low of Rs 447 so far during the day. The stock has a 52-week high of Rs 1140 on 7 December 2007 and hit a 52-week low of Rs 405 on 18 September 2008.
The company’s current equity is Rs 141.74 crore. Face value per share is Rs 2.
The current price of Rs 502.55 discounts Q1 June 2008 annualized EPS of Rs 20.21, a PE multiple of 24.87.
In view of the recent changes in global financial markets and investor feedback, Vedanta has decided not to pursue the proposed group restructuring, it said. Sterlite is part of the Vedanta group. The company is committed to simplifying and streamlining the group corporate structure in the interest of all shareholders, Sterlite said.
On 9 September 2008, the Vedanta group had announced a revamp of the group. The restructuring was planned to result in three units focused on commodities produced by the group: copper, zinc and lead; aluminium and energy; and iron ore. The restructuring plan involved transfer of Sterlite's aluminium and energy businesses to Madras Aluminium Company, another company belonging to the Vedanta group.
Sterlite Industries India's net profit rose 77.7% to Rs 357.93 crore on a 4.8% decline in net sales to Rs 2964.43 crore in Q1 June 2008 over Q1 June 2007.
Sterlite Industries is a leading producer of copper in India. It is a part of Vedanta Resources, a London listed metals and mining major, with aluminum, copper and zinc operations in India and Australia.
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