One can keep buying on Sterlite Industries (India) with a target of Rs 953. "Sterlite annoucned acquisition of ASARCO, American copper smelting and refining company having a smelting capaictity of .25mtpa and 3 copper mines with a total reserve of 5mt in copper. The 2.6 billion acquisition is an all cash deal with no dilution. Sterlite will fund the acquisition through debt and internal accruals. Sterlite currently has almost USD 3 billion net cash as at 31st march 2008. We view the acquisition as extremely positive and expect Sterlite to improve the performance of the company further given its ability to turn around companies (like BALCO, HZL, MALCO)."
Wednesday, June 4, 2008
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