MUMBAI (Commodity Online): Vedanta Group company, Sterlite Industries India Ltd (BOM: 500900) shot up by over 5% during the trading session today on the Bombay Stock Exchange (BSE) after the company’s subsidiary arm, Sterlite Energy, filed for its proposed public offering.

Sterlite Energy has filed regulatory application for an initial public offering to raise up to Rs.5100 crore. Sterlite Energy intends to use the net proceeds from the initial public offer (IPO) to partially finance the construction and development of power projects in Jharsuguda and Talwandi.

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Sterlite Energy is engaged in the commercial power generation business and is currently developing two thermal power projects in India in Jharsuguda, Orissa and Talwandi, Punjab, with a combined proposed installed capacity of 4,380 megawatts.

Meanwhile, Sterlite Industries (India) Ltd announced its financial results on Thursday, for the Q2 and H1 ended 30th September 2009. Company’s profit after tax (PAT) for the first half of the current fiscal stood at Rs.2164 crore against Rs.3316 down by 34.7% and profits for the second quarter fell from Rs.1721 crore and stood at Rs.1240 crore down by close to 28%.

The company press release stated that the profits during the quarter and half year period were impacted by lower LME's and lower by-product realisations, which was partially offset by higher sales realisation on account of depreciation of Rupee.

Company stocks traded at Rs.784.50 up by over 5% during trading hours on the BSE today. The stock hit a high of Rs.808 and a low of Rs.763 so far during the day. The stock had outperformed the market over past one quarter, jumping 20.12% as against 5.79% rise in the Sensex.

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