Sesa Goa top gainer
Sesa Goa is currently the top gainer on the Nifty and on the BSE, it is the second top gainer, up almost 8% at Rs.164.90, with an intra day high at Rs.165.45. Volumes are good at 8.40 lakh shares.
The stock is up on various counts. Firstly, the immediate trigger is the fact that Sesa Goa will replace Sterlite Industries in the Sensex from August 27. This inclusion comes post scheme of amalgamation wherein Sterlite Industries has been merged with Sesa Goa. Post this, Sesa’s weightage will more than double up on Nifty, rise on the FTSE but come down on the MSCI. Another reason is also the merger – 28th Aug has been fixed as the Record date for allotment of Sesa Goa shares. As per the scheme, every equity shareholder of Sterlite holding 5 equity shares in Sterlite as of the Record Date will get 3 shares of face value Re 1 each of Sesa Goa.
Also the Karnataka iron ore mining case is listed for hearing in SC today and these expectations are also keeping the price buoyant.