Commodity Online
MUMBAI: Vedatna Resources group company, Sterlite Industries Ltd (BOM 500900) recorded over 7% gains on the Bombay Stock Exchange (BSE) during the day after company’s ADR (American Depository Receipt) shot up over 26% to USD 11.57 on Monday on the New York Stock Exchange (NYSE).

Country’s leading copper and lead miner hit a high of Rs.602.95 and a low of Rs.460 so far during the day. The stock closed at Rs.551.80 with moderate gains of over 3% from its previous close. The stock had gained over 37% over past one month.

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The company had reported a 19.53% fall in net profit to Rs.3,539.99 crore with 11.32% drop in total income to Rs.23,298.48 crore in the year ended March 2009 over the year ended March 2008 on a consolidated basis.

A sharp fall in realizations of metals such as lead, zinc and aluminium took a toll on the consolidated numbers of the company. The decrease in profitability was primarily on account of drop in metal prices at the London Metal Exchange (LME).

Sterlite Industry is eyeing to acquire bankrupt US copper miner Asarco. However, the deal rests with the court, with rival Grupo Mexico formally submitting its counter offer on 15 May 2009.

Asarco, formerly known as American Smelting and Refining Company, is a 110-year-old company and is currently the third largest copper producer in the US. It sold approximately 2.37 lakh tonnes of refined copper in 2008. Asarco's mines currently have estimated reserves of five million tonnes of contained copper. For the year ended 31 December 2008, Asarco had total revenues of nearly $1.9 billion and profit before tax of $393 million.

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