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Are short-notice offers for sale of shares in investors' interest?
Sterlite Industries it seems has set itself an objective of becoming a major in the non-ferrous metals business. In order to achieve this goal the company has gone on an acquisition spree.
Sterlite Industries Limited (SIL) has very recently undergone a restructuring exercise. The company, after years of deliberations, has demerged its business operations into copper and telecom. Thereby increasing the focus on its key businesses.
Copper prices, which slumped to $1,350 / MT in March '99, have run up significantly over the past 18 months. In September '00 copper prices touched a high of $ 2,000 / MT.
The two main players, Sterlite Industries Ltd. (SIL) and Indo Gulf Industries, dominate the copper industry. A third player, Hindustan Copper - the state run entity - is expected to be put on the disinvestment block.
Hindustan Copper has posted a sharp decline in net sales. The company has however managed to cut costs at a faster rate, thus reducing the impact on the bottomline. The decline in interest costs have also contributed to the decline in net losses.