Buy rating to Sesa Sterlite, target price Rs 220: UBS

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SummaryInvestment bank says Sesa Sterlite to grow on strong volume growth in its power, aluminium, iron ore businesses.

UBS initiates coverage of Sesa Sterlite Ltd with a "buy" rating and a target price of Rs 220, citing upcoming earnings drivers.

These include its stake purchase in cash-rich subsidiary Hindustan Zinc Ltd, dividends from unit Cairn India Ltd and the potential removal of a mining bank in the state of Goa.

The investment bank says its operating profit would grow at a compounded annual growth rate of 11 per cent over the 2013-2015 fiscal years, led by strong volume growth in its power, aluminium and iron ore businesses.

Sesa Sterlite shares are up 2.1 per cent at 10.26 am.

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