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Sesa Goa shares surge nearly 10 per cent ahead of inclusion in Sensex

Sesa Goa shares zoomed nearly 10 per cent on the bourses, a day ahead of its inclusion in the 30-share benchmark S&P BSE Sensex.

BT Online Bureau   Mumbai     Last Updated: August 26, 2013  | 17:55 IST
Sesa Goa scrip gains ahead of Sensex inclusion

Sesa Goa shares zoomed nearly 10 per cent on Monday, a day ahead of its inclusion in the 30-share benchmark S&P BSE Sensex.

The company will replace Sterlite Industries in the index from Tuesday.

After surging 11.18 per cent to Rs 170 in intra-day trade, the stock finally ended at Rs 167.25, up 9.39 per cent from its previous close at the Bombay Stock Exchange. On the National Stock Exchange, the scrip settled 9.93 per cent higher at Rs 168.25.

Led by the rise in the stock, the market capitalisation of Sesa Goa climbed Rs 1,247 crore to Rs 14,535 crore.

Shares of Sterlite Industries also ended the day in green, rising 2.79 per cent to Rs 90.20 at the BSE.

Vedanta Group firms Sesa Goa and Sterlite Industries have been merged to create Sesa Sterlite.

"Sesa Goa shall be added to all proposed indices with current outstanding shares; new shares issued to the shareholders of Sterlite Industries (India) Ltd will be added to Sesa Goa Ltd once new shares are available for trading," BSE had said in a circular on August 21.

The merger, first announced on February 25, 2012, is aimed at creating a mega Indian natural resources giant, Sesa Sterlite. It would also result in a Rs 1,000 crore annual saving for Vedanta through a reduction in debt-servicing cost as most of its debt gets transferred to the new entity.

In the S&P BSE 500 index, Indiabulls Housing Finance Ltd would replace Sterlite Industries from Tuesday.

With inputs from PTI

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