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Indian ADRs to Buy, Sell

Sterlite Industries is a subsidiary of Vedanta Resources, and is engaged in non-ferrous metals mining and power.

The expected improvement in zinc operations and power sales could drive the stock higher. The zinc environment is set to improve in the second half of 2011 fiscal (April-March), according to analysts.

On the operational front, production ramp up at Rampura Agucha and new smelters should boost operations, while improved water availability and ore quality are other positives. Experts expect zinc prices to escalate in the medium term.

Power sales are expected to increase with large capacities coming on-stream. The company would be selling merchant power from its BALCO division, expected to start operations from next year.

The first unit is expected to start commercial operations by December this year, while the second unit and third units will become operational by March 2011. With large capacities coming on line, raw material costs could be a concern, according to analysts. The stock is trading at 10 times its 2010-11 earnings.
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