Sesa Sterlite, Hindustan Zinc in demand

Shares of two Vedanta group firms rose by 0.24% to 0.31% at 13:43 IST on BSE after global credit rating agency Moody's Investors Service upgraded its outlook for parent company Vedanta Resources Plc to stable from negative.

Hindustan Zinc gained 0.31% and Sesa Sterlite rose 0.24%, edged higher.

Shares of Hindustan Zinc had outperformed the market over the past one month till 2 April 2014, rising 10.97% compared with the Sensex's 6.78% rise. The scrip had, however, underperformed the market in past one quarter, falling 0.50% as against Sensex's 7.96% rise.

Shares of Sesa Sterlite had underperformed the market over the past one month till 2 April 2014, rising 6.50% compared with the Sensex's 6.78% rise. The scrip had also underperformed the market in past one quarter, falling 5.28% as against Sensex's 7.96% rise.

The S&P BSE Sensex was down 141.79 points, or 0.63% at 22,409.70.

Moody's said Vedanta has taken steps to improve its credit profile, simplifying its group structure through the formation of Sesa Sterlite - the result of a merger between Sesa Goa and Sterlite Industries - and through its more proactive approach to refinancing debt.

Moody's has a "Ba1" corporate rating on Vedanta and a "Ba3" rating on the miner's senior unsecured debt.

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