Sterlite stock up as Green Tribunal allows to restart copper smelter plant

MUMBAI: Shares of Sterlite Industries gained momentum in a weak market after the Green Tribunal allowed it to restart operations at its copper plant in Tuticorin, Tamil Nadu with riders.

The stock was at Rs 93, up 1.97 per cent, on the BSE. It touched a high of Rs 95 and a low of Rs 91 in trade today.

The Tribunal has formed planel to supervise operations at Sterlite Industries’ Tuticorin plant.

The Tamil Nadu Pollution Control Board has ordered the company to shut down the plant on March 30, 2013 after residents complained of emissions that resulted in breathing difficulties.

According to analysts, this is a positive for the company and was on expected lines. Last month, the Supreme Court had set aside the Madras High Court order to shut down the plant for violating pollution-control and environment norms.

The company was incurring a loss of around Rs 5 crore per day due to the shut down. The plant has a capacity of 4 lakh tonne per day.

The stock was at Rs 93, up 1.97 per cent, on the BSE. It touched a high of Rs 95 and a low of Rs 91 in trade today.