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 stock hit an intraday high of Rs 641 and a low of Rs 608 on BSE. The share price has seen a 52-week high of Rs 738.90 and a low of Rs 164.50 on BSE.

Sterlite Industries, one of India's biggest non-ferrous metals and mining companies, on July 18 said that it has decided to lift up $1.5 billion by selling shares in the United States.

The company is offering to issue and sell 123,456,790 equity shares in the form of ADS at a price of $12.15 per ADS.

The company said that the gross proceeds from the offer, which is likely to raise $1.5 billion, will be utilized to expand its Indian power making business, meet up the planned capex and for prospective acquirements.

According to reports, Sterlite Energy, a wholly-owned division of Sterlite Ind, may hit the capital market shortly with a public offering to lift Rs 30 billion to part finance its growth plans.

It is discovered that Sterlite Energy will come out with an IPO by the next 3-4 months.

Sterlite Industries (India), on July 10, said that has decided to make an investment of Rs 200 billion by 2010 in order to generate added capacity of 4,500 mw.