Sterlite hits 52-week high of Rs 998

MUMBAI: Sterlite Industries shares hit a 52-week high of Rs 998 on Friday after the Cabinet Committee on Economic Affairs decided to set up a committee of secretaries to decide on the call option notice given by the company to acquire 49 per cent stake in Bharat Aluminium Company Ltd.

The UPA government had earlier rejected Sterlite's plan to buy remaining 49 per cent stake in BALCO for Rs 1,098 crore.

Sterlite holds 51 per cent in BALCO and had sent a call option notice to acquire the balance stake held by the government.

In 2001 the NDA government had sold 51 per cent stake in BALCO to Sterlite Industries for Rs 551.50 crore at Rs 49.01 per share.

At 11:34 am, the Sterlite Industries share was trading at Rs 983, up 6.45 per cent on volume of 3,95,760 shares. The stock has surged 37.68 per cent in the past one month.

Sterlite Industries ADR closed 1.83 per cent higher at $22.31 in the US market Thursday. END