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Sesa Sterlite advances on plan to invest $782 million in southern Africa

14 Nov 2014 Evaluate

Sesa Sterlite is currently trading at Rs 240.15, up by 4.35 points or 1.84% from its previous closing of Rs 235.80 on the BSE.

The scrip opened at Rs 237.00 and has touched a high and low of Rs 242.45 and Rs 232.75 respectively. So far 423900 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs. 318.40 on 06-Jun-2014 and a 52 week low of Rs. 169.55 on 14-Mar-2014.

Last one week high and low of the scrip stood at Rs. 253.55 and Rs. 234.60 respectively. The current market cap of the company is Rs. 71315.60 crore.

The promoters holding in the company stood at 59.17% while Institutions and Non-Institutions held 23.01% and 10.22% respectively.

Sesa Sterlite is planning to invest $782 million over a three-year period in southern Africa to tap the region’s large undeveloped deposits of the metal and offset a fall in production volume from its mine in Ireland.

Of total, the company would spend about $630 million to develop an open-pit zinc mine and associated infrastructure at Gamsberg, South Africa, while the balance will be used to convert the refinery at the Skorpion mine in Namibia to enable to it to refine zinc concentrates from Gamsberg into special high grade metal.

Sesa Sterlite is one of the world’s largest diversified natural resource companies. Its business primarily involves exploring, extracting and processing minerals and oil & gas.

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