These are two stocks from the same group and in the same space —metals and mining — and were linked further by reports of possible merger today. But surprisingly, the two stocks on the NSE Nifty moved in opposite directions!

There were media reports today that Vedanta Resources group may consider the merger of copper and aluminium manufacturer Sterlite Industries Ltd with iron ore producer Sesa Goa Ltd for better synergy.

The two stocks made opposite moves with Sesa Goa figuring in the top ten gainers’ list, while Sterlite Industries moving to the top ten losers’ list!

Sesa Goa gained 2.94 per cent to quote at Rs 254 with a trading volume of 49.87 lakh shares. From an opening price of Rs 246, the scrip touched a high of Rs 257.85 before declining marginally.

But Sterlite Industries, which saw a colossal trading volume of 1.39 crore shares by 1.20 pm, had lost Rs 5.90 or 4.6 per cent to trade at Rs 122.40. The scrip zoomed to a high of Rs 131.50 before declining sharply to Rs 122.40.

(This article was published on February 22, 2012)
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