Business Daily from THE HINDU group of publications
Thursday, Sep 25, 2008
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Business Daily from THE HINDU group of publications Thursday, Sep 25, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Markets
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Stocks Corporate - Restructuring Our Bureau Mumbai, Sept. 24 It's back to square one for the shareholders of Vedanta Group companies, Sterlite Industries and Madras Aluminium Company (MALCO) after the promoters on Wednesday shelved its proposed restructuring plans. Shares of Sterlite moved up sharply on Wednesday after the news about withdrawal of restructuring plan came in, MALCO on the other hand was very volatile. Vedanta had to drop the restructuring plan announced earlier on September 9 after a US-based fund lodged complaint against the company's restructuring saying that the plan affected the minority shareholders. Sterlite shares on Wednesday immediately soared by around 11 per cent to an intra-day a high of Rs 517.70 on the BSE. Finally it closed 8.36 per cent up at Rs 487.55 as compared with to the previous close of Rs 449.95. Contrary to Wednesday's rise, post the restructuring announcement the investors had been offloading Sterlite shares. "The restructuring plan favoured the shareholders of Vedanta Resources PLC as compared to Sterlite shareholders," said Mr Niraj Shah, Senior Research Analyst, Centrum Broking Private Ltd. Sterlite share price touched a 52-week-low of Rs 405 on September 18 as compared with to a closing price of Rs 575, the day, the restructuring was announced. MALCO On Wednesday, MALCO too gained close to 5 per cent to close at Rs 128.55 on the BSE, but the shares also touched a 52-week-low of Rs 118.50 in the intra-day trade. The MALCO shares too witnessed huge volatility after the restructuring announcement. It had shot up by around 17 per cent up to Rs 214 on September 9 after the announcement, but in the following period share price fell regularly and touched a low of Rs 122 on Tuesday.More Stories on : Stocks | Restructuring
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