Vedanta gains after declaring Q2 result

Vedanta rose 0.5% to Rs 212.30 at 13:41 IST on BSE after the company announced Q2 result after market hours yesterday, 31 October 2018.

Meanwhile, the S&P BSE Sensex was up 23.74 points, or 0.07% to 34,465.79

On the BSE, 11.53 lakh shares were traded in the counter so far compared with average daily volumes of 9.05 lakh shares in the past two weeks. The stock had hit a high of Rs 215.20 and a low of Rs 208.20 so far during the day. The stock hit a 52-week high of Rs 355.70 on 29 January 2018. The stock hit a 52-week low of Rs 197.10 on 8 October 2018.

Vedanta's consolidated net profit fell 34.82% to Rs 1900 crore on 4.06% rise in total income to Rs 23617 crore in Q2 September 2018 over Q2 September 2017. EBITDA for Q2 at Rs 5342 crore was down 8% on y-o-y primarily on account of higher costs due to input commodity inflation, lower volume at Zinc India, Zinc International, and closure of Tuticorin smelter. This was partially offset by higher commodity prices, acquisition of ESL and currency depreciation.

Srinivasan Venkatakrishnan, Chief Executive Officer, Vedanta, said the company is uniquely poised to grow in commodities that have rising demand especially in India with an enviable growth pipeline which is systematically being brought to fruition.

Vedanta's board of directors declared an interim dividend of Rs 17 per share for the financial year 2018-19. The company has fixed 10 November 2018 as the record date for the purpose of payment of interim dividend.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, steel, aluminium and commercial power.

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