Vedanta gains after retrieving import permit

Vedanta has risen over 3% to Rs 168 on the BSE after the company said import and transit permits for the company's iron ore business at Goa was re-issued on 3 August 2016.

On BSE, so far 85,000 shares were traded in the counter, compared with an average daily volume of 17.22 lakh shares in the past one quarter. The stock hit a high of Rs 164.85 and a low of Rs 163.05 so far during the day. The stock hit a 52-week high of Rs 175.20 on 25 July 2016.

The stock hit a 52-week low of Rs 58.10 on 12 February 2016. The stock had outperformed the market over the past one month till 4 August 2016, rising 16.70% compared with 1.60% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 54.68% as against Sensex's 10.41% rise.

The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Re 1.

The permit was earlier cancelled on 28 July 2016. The latest permit states that Vedanta is allowed to import iron ore for domestic self consumption for its pig iron plant in Amona, Goa.

On a consolidated basis, net profit of Vedanta declined 27.0% to Rs 615.02 crore on 15.2% decline in net sales to Rs 14364.01 crore in Q1 June 2016 over Q1 June 2015.

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, Ireland, Liberia and Sri Lanka. Vedanta, formerly Sesa Sterlite is the Indian subsidiary of Vedanta Resources Plc, a London-listed company.