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Vedanta gains on reports of proposal to set-up steel plant

Capital Market 

Vedanta rose 1.18% to Rs 239.30 at 11:47 on on reports the company plans to set up a steel plant in in joint venture with Mineral Development Corporation.

Meanwhile, the S&P Sensex was up 147.17 points or 0.47% at 31,203.57.

On the BSE, 3.01 lakh shares were traded on the counter so far as against the average daily volumes of 11.63 lakh shares in the past one quarter. The stock had hit a high of Rs 240.60 and a low of Rs 237.90 so far during the day. The stock had hit a 52-week high of Rs 278 on 3 April 2017 and a 52-week low of Rs 111.60 on 24 June 2016.

The stock had underperformed the market over the past one month till 16 June 2017, sliding 0.65% compared with the Sensex's 1.55% rise. The stock had also underperformed the market over the past one quarter, declining 10.54% as against the Sensex's 4.97% rise. The scrip had, however, outperformed the market over the past one year, surging 93.3% as against the Sensex's 17.08% rise.

The large-cap company has equity capital of Rs 371.72 crore. Face value per share is Rs 1.

According to reports, Chief Minister Raghubar Das was quoted as saying that a steel plant would soon come up at Manoharpur in West Singhbhum district, The Vedanta group and Mineral Development Corporation (JSMDC) would jointly set up the plant.

On consolidated basis, Vedanta reported net profit of Rs 2988.04 crore in Q4 March 2017, compared with net loss of Rs 21103.66 crore in Q4 March 2016. Net sales rose 41.5% to Rs 22511.27 crore in Q4 March 2017 over Q4 March 2016.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia and Ireland.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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