Sterlite Industries Q2 net at Rs 137 cr, interim at Rs 4 per share

Mumbai, Nov 17 (UNI) Sterlite Industries India has posted a net profit of Rs 136.56 crore for the quarter ended September 30, 2006, as compared to Rs 81.10 crore for the quarter ended September 30, 2005.

The company said its total income (net of excise) is Rs 3330.56 crore for the quarter ended September 30, 2006, where as the same was at Rs 1,739.39 crore for the quarter ended September 30, 2005.

The company's board at its meeting today decided to make payment of interim dividend at Rs four per share (face value Rs two each) to all the shareholders of the Company whose name appears on the Register of Members of the Company on the Record date.

It has also decided to set up a project to enter into the commercial energy business in India. The first phase of this project involves the setting up a 2,400 MW green field power plant in Jharsuguda, Orissa at a total cost of USD 1.9 billion. The power business will be operated through Sterlite Energy Ltd (SEL), a wholly owned subsidiary of the Company.

Further, it has also decided to effect an increase in the authorized capital of the Company from Rs 150 crore to Rs 185 crore by creating an additional 17.5 crore equity shares of Rs two each.

Besides, the Company has filed a registration statement on Form F-1 with the US Securities and Exchange Commission relating to a proposed offering of American Depositary Shares.

UNI SN MJ AG1802