Puts Purchased on Sterlite Industries (SLT)

Shares of Sterlite Industries SLT are higher on the session by 3.78%, currently trading at $16.49. The stock has been moving largely higher over the past four months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the March 2011 $12.50 put was purchased 1,100 times, on the offer, for $0.20 on open interest of only 829 contracts. This signals new positioning on the name. Overall put volume is now running at 9.03x the daily average with 98% of all puts traded being purchases on the offer. Sterlite Industries (India) Limited operates as a non-ferrous metals and mining company in India and internationally. The company engages in mining, smelting, and processing of copper, and production of copper byproducts.