Sterlite gains on impressive Q2 numbers

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Sterlite gains on impressive Q2 numbers
Shares of the Sterlite Industries gained more than 2% on Thursday after the company posted impressive results for the quarter ended September 30, 2012.

The shares of the company was seen higher by 2.79% to Rs 101.20 on BSE at 10.10 am IST. It touched an intra-day high of Rs 102.50.

"The consolidated net sales however grew 9% to Rs 11,029 crore from Rs 10,135 crore during the same period on strong production and sales volumes of silver, lead, and copper as also in the power businesses," Sterlite Industries said in a filing.

Basic EPS up 75% at Rs. 5.2 per share. The company announced interim dividend of Rs 1.1 per share. The company's strong balance sheet with cash and liquid investments stood at Rs. 23,334 crore.

While, Sesa Sterlite merger is expected to complete by end CY 2012. During this quarter, the company recorded a foreign exchange gain of Rs 219 crore due to appreciation of Indian Rupee from Rs. 56.30 per US dollar as on 30 June 2012 to Rs 52.70 per US dollar as on 30 September 2012, which helped offset the foreign exchange loss in Q1.

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Read more about: sterlite, sesa goa
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