MUMBAI (Commodity Online): Vedanta Resources Group miner, Sterlite Industries India Ltd (BOM:500900) is said to have appealed in a higher court in the US against the District Court’s order to handover bankrupt copper miner Asarco back to Grupo Maxico.

The US District Court in Brownsville, Texas in November 2009 said that Grupo Mexico's proposal to pay about USD 2.5 billion to Asarco LLC's creditors 'is both feasible and confirmable'. After nearly five years of legal proceedings, the court had rejected Sterlite's offer to take over and reorganise the Tucson-based copper miner.

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Sterlite is now reported to be appealing the decision in the 5th Circuit Court of Appeals in New Orleans. Grupo Mexico and Sterlite each promised to spend more than USD 2.5 billion to guarantee that Asarco's creditors are repaid in full. In ruling in favour of Grupo Mexico, the District Court agreed with a lower-court opinion from the bankruptcy judge who oversaw Asarco's case for five years.

Sterlite stocks witnessed early gains on the Indian bourses today. The stock gained by close to 1% to Rs.757 in the later trading sessions. Meanwhile, the BSE Sensex was up 59.55 points, or 0.37%, to 16,313.75.

The stock hit a high of Rs.761.70 and a low of Rs.752.10 so far during the day. India's largest copper maker by sales has an equity capital of Rs.168.08 crore. Face value per share is Rs.2.

Sterlite Industries India's net profit fell 77.2% to Rs.46.59 crore on a 39.8% rise in sales to Rs.3611.99 crore in Q3 December 2009 over Q3 December 2008.

Sterlite Industries is India's largest non-ferrous metals and mining company with interests and operations in aluminum, copper, zinc and lead and power. Sterlite Industries' main operating subsidiaries are Hindustan Zinc for its zinc and lead operations; Copper Mines of Tasmania Pty for its copper operations in Australia; and Bharat Aluminum Company for its aluminum operations.

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