Vedanta jumps on favourable NGT order

Vedanta rose 3.33% to Rs 207.90 at 10:32 IST on BSE after the National Green Tribunal allowed the company to resume operations of its copper smelter at Thoothukudi.

The announcement was made on Saturday, 15 December 2018.

Meanwhile, the S&P BSE Sensex was up 271.77 points, or 0.76% to 36,234.70.

On the BSE, 9.98 lakh shares were traded in the counter so far compared with average daily volumes of 8.36 lakh shares in the past two weeks. The stock had hit a high of Rs 214.25 and a low of Rs 207 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 190.05 on 11 December 2018.

Vedanta announced that the National Green Tribunal vide its order dated 15 December 2018 has allowed the company to resume operations of its copper smelter at Thoothukudi and directed the Tamil Nadu Pollution Control Board (TNPCB) to pass fresh order of renewal of consent and restoration of electricity supply for the firm's operations within 3 weeks from the date of the order.

Vedanta said it will study the order in detail and shall take all the steps required to restart the operations as per guidelines given by the Honourable Court. The company said it had been operating its Smelter with the best-in-class technology adopting best practices followed globally and shall continue to do so.

Vedanta's consolidated net profit fell 34.82% to Rs 1900 crore on 5.16% rise in net sales to Rs 22705 crore in Q2 September 2018 over Q2 September 2017.

Vedanta is a diversified natural resources company.

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