The National Green Tribunal (NGT) has ruled against granting permission to Sterlite Industries Ltd, which is a unit of UK-based Vedanta Group, for beginning operations at its copper smelting plant in Tuticorin district of Tamil Nadu.
A bench headed by NGT chairperson Justice Swatanter Kumar noted that the expert committee report has clarified that the emission levels and ambient air quality remain under prescribed levels but said that the permission to start operations cannot be given due to reports of a gas leak from the plant.
A general strike and bandh was organised by the protestors in the southern city of Tuticorin, calling for the closure of Sterlite copper smelter unit on Monday.
The protestors are urging for permanent closure of the country's largest copper smelter, run by Sterlite Industries Ltd. Taxis, mini-buses and autorickshaws were kept off the roads and even the fishing avitivies were halted today in protests against the plant but shops in and around the Tuticorin new bus station were open as usual.
The shareholders of iron ore firm Sesa Goa have given their approval to a merger with group firm Sterlite Industries with 91.7% of the Sesa Goa shareholders present at a meeting in Goa voted in favor for the acquisition.
On the other hand, 92% of Sterlite Industries' shareholders approved the deal. Anil Agarwal-led Vedanta Resources has been planning to merge two of its units, Sesa Goa Ltd. (SESA) and Sterlite Industries (India) Ltd. in an attempt to reduce its debt in the country.
Technical analyst Jai Bala of cashthechaos. com has maintained 'buy' rating on Sterlite Industries (India) Limited stock to attain a target of Rs 190-195.
According to analyst, the investors can buy the stock with trailing stop loss of Rs 175.
The stock of the company, on April 25, closed at Rs 186.40 on the Bombay Stock Exchange (BSE).
Current EPS & P/E ratio stood at 15.17 and 11.96 respectively.
The share price has seen a 52-week high of Rs 213 and a low of Rs 148.80 on BSE.
Technical analyst Sanjay Surekha has maintained 'buy' rating on Sterlite Industries (India) Limited stock with a target of Rs 185.
According to analyst, the stock can be bought with a stop loss of Rs 158.
The stock of the company, on February 02, closed at Rs 168.50 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 223 and a low of Rs 148.80 on BSE.
Current EPS & P/E ratio stood at 13.46 and 12.73 respectively.
Today, Vedanta group organization Sterlite Industries reported a development of above five per cent in its combined net earnings for the subsequent quarter closing September 30.
Sterlite Industries has recorded a net profit of Rs 1,008.03 crore during the month of September quarter of the recent financial as next to Rs 958.85 crore in the similar period previous fiscal, the group expressed in a report to the Bombay Stock Exchange.
On the other hand, the overall income of Sterlite for the subsequent quarter turned down to Rs 6,084.35 crore as next to Rs 6,142.14 crore in the similar quarter of preceding fiscal.
The group share was dealing at Rs 171.25 on BSE, downward by 0.64 per cent from the preceding close.
On BSE the Sterlite Industries (India) expanded by 1.05% to Rs. 178.40 at 11:36 IST, subsequent to the Supreme Court on Monday, 18 October 2010, completed a stay on a inferior court verdict requesting the Sterlite Industries to conclude its copper smelter in south India.
In the meantime, the BSE Sensex was up by 0.06% at 20,180.78 or 11.89 points. On BSE, 4.40 lakhs shares were transacted in counteract as in opposition to a standard daily quantity of 17.91 lakhs shares in the precedent one quarter.
On Friday the Supreme Court remained at the Madras High Court verdict arranging the instantaneous conclusion of Sterlite Industries' copper smelter in Tuticorin.
The high court had planned the closing on the basis that significant scratch was grounds to the atmosphere by the plant. According to the Sterlite spokesperson they are contented that the Supreme Court has established stay till October 18, when the issue will crop up for additional trial.
For the third quarter ended December 2009, Sterlite Industries (India) Ltd announced that its consolidated net profit after exceptional items grew 42.35% to Rs 731.3 crore on account of sturdy zinc prices and higher power tariffs.
India's biggest zinc producer had recorded a consolidated net profit of Rs 514 crore in the corresponding period of the last year (2008).
The company's net sales during the third quarter rose 50% to Rs 6,677 crore as against Rs 4,446 crore in 2008.
Stock market analyst Ashwani Gujral maintained 'Buy' rating on Sterlite Industries to achieve a short term target of Rs 855.
According to Mr. Gujral, interested investors can buy the stock with a strict stop loss of Rs 710.
Today (Oct 30), the shares of the company opened at Rs 763 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 8.78 & 88.72 respectively. The share price has seen a 52
-week high of Rs 879.70 and a low of Rs 195.05 on BSE.
Sterlite Industries, the parent company of Vedanta Group, has posted a fall of 28% in its consolidated net profit during the second quarter ended September 30, 2009.
In the quarter under review, the company has reported a net profit of Rs 1,240.33 crore.
In a filing to Bombay Stock Exchange (BSE), representatives of Sterlite Industries stated that company’s total income dropped to Rs 6,129.06 crore during the July-September quarter of the current financial year, from Rs 6,810.99 crore in the year ago period.
Vedanta group firm Sterlite Industries, has posted 42 per cent decline in its consolidated net profit, which fall to Rs 924 crore in the first quarter of the current financial as compared to Rs 1,595 crore in the same quarter of the previous year.
Total income declined to Rs 4,957.19 crore during the April-June quarter, from Rs 6,172.55 crore in the corresponding period a year-ago.
However, net sales of the company also plunged by 21 per cent to Rs 4,537 crore from Rs 5,770 crore.
Stock market analyst Ashwani Gujral maintained ‘Buy’ rating on Sterlite Industries (India) to achieve a target of Rs 700.
According to Mr. Gujral, interested investors can buy the stock with a strict stop loss of Rs 580.
The shares of the company on Thursday (July 23) closed at Rs 632.70 on the Bombay Stock Exchange (BSE). The total volume of shares traded was 2,302,159 at the BSE. Current EPS & P/E ratio stood at 17.45 & 36.26 respectively.
The country's largest copper producer, Sterlite Industries, has completed the largest ever US share sale from India in past two years, raising Rs 7,305 crore via American Depository Shares (ADS). The move is aimed at expanding Sterlite's power generation business and arranging funds for prospective acquisitions.
Earlier, the biggest ever ADS sale was completed by ICICI Bank, raising $2.46 billion in June 2007. The trend proved that fund raising through ADS is not as unfavorable an option as is considered by many companies.
Stock market analyst Ashwani Gujral maintained ‘Buy’ rating on Sterlite Industries (India) to achieve a short term target between Rs 680 – Rs 725.
According to Mr. Gujral, interested traders can buy the stock with a strict stop loss of Rs 600.
Today (July 16), the shares of the company opened at Rs 638 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 17.45 & 34.18 respectively. The share price has seen a 52-week high of Rs 738.90 and a low of Rs 164.50 on BSE.
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