Sterlite Industries announces 1:1 bonus; stock split

10 February 2006

The board of directors of Sterlite Industries has approved a bonus issue in the ratio of one share for every share held. It has also been decided to split the existing equity shares of Rs5 face value into 2.5 shares of Rs2 face value each.

Sterlite Industries, part of the London-based Vedanta group, is a leading manufacturer of copper in the country. The company also produces some aluminium and phosphoric acid.

Copper prices have been on an upswing in the international markets which has helped copper stocks across the globe. Sterlite Industries has also seen significant appreciation over the past few months.

Sterlite had reported a net profit of Rs150.24 crore or Rs13.51 per share for the quarter ended December as compared to Rs86.08 crore or Rs8 per share for the previous year quarter. Total revenues increased from Rs1,739.39 crore as compared to Rs1,156.24 crore.

For the September 2005 quarter, Sterlite had reported a net profit of Rs81.1 crore or Rs7.35 per share on revenues of Rs1,739.39 crore.

Promoters hold a 79.5-per cent stake in the company. FII''s hold 5 per cent while domestic institutions also hold a 5 per cent stake.