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Tuesday, January 27, 2009

Sterlite still eyeing Asarco, awaiting right price

Sterlite Industries is showing strong moves after positive comments in the concall. Anil Agrawal, Executive Chairman, Sterlite, commenting on the negotiations with Asarco, said the company is keen on buying Asarco.

Agrawal said, that they’ve entered into an agreement to buy Asarco, very prominent US-based copper producer. Post that event we have been in negotiation with the management of the company and the Courts for a renegotiated price. At the right price, we are keen to acquire this asset. This is an asset which has a 40-year mine life and has a current production of 40,000 tonne of fully integrated copper.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Wednesday, Jun 25
19:30 New Home Sales Change (MoM) 2 -13.7% 9.6% Revised from 10.9%
19:30 New Home Sales (MoM) 1 0.623M 0.690M 0.722M Revised from 0.743M
19:30 Fed's Chair Powell testifies 3
20:00 EIA Crude Oil Stocks Change 1 -5.836M -0.600M -11.473M
22:30 5-Year Note Auction 1 3.879% 4.071%
Thursday, Jun 26
14:00 BoE's Breeden speech 2
15:15 BoE's Greene speech 2
16:30 BoE's Governor Bailey speech 3
18:00 Chicago Fed National Activity Index 1 -0.25
18:00 Initial Jobless Claims 2 245K 245K
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