Sesa Goa shares surge over 13% on inclusion in Sensex

Sesa Goa shares surge over 13% on inclusion in Sensex Mumbai: Shares of Sesa Goa on Thursday jumped over 13 percent, adding Rs 1,565 crore to its market value, on inclusion in the 30-share benchmark S&P BSE Sensex from August 27.

Sesa Goa's scrip zoomed 13.10 percent to close at Rs 155.45 on the BSE. In intra-day the stock rallied 16.73 percent to Rs 160.45.

At the NSE, the scrip closed at Rs 155.50, up 13.09 percent from its previous close.

Helped by the rise in the stock price, the market value of Sesa Goa went up by Rs 1,565 crore to Rs 13,510 crore.

Shares of Sterlite Industries also zoomed 10.42 percent and settled at Rs 87.45 at the BSE.

Sesa Goa will replace Sterlite Industries in the Sensex from August 27.

The move comes in the wake of the scheme of amalgamation between the two Vedanta group firms whereby Sterlite Industries has been merged with Sesa Goa.

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

"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 yesterday.

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.

PTI