Vedanta jumps over 10% in two sessions

Vedanta rose 4.91% to Rs 216.85 at 14:56 IST on BSE, extending yesterday's 4.90% rise triggered by the company's board approving to raise Rs 300 crore through issue of non-convertible debentures.

The announcement was made during market hours yesterday, 22 November 2016. Shares of Vedanta rose 4.90% to Rs 206.70 on that day. The stock has risen 10.05% in two trading sessions from its close of Rs 197.05 on 21 November 2016.

Meanwhile, the BSE Sensex was up 120.31 points, or 0.46%, to 26,081.09.

On BSE, so far 14.29 lakh shares were traded in the counter, compared with average daily volume of 11.39 lakh shares in the past one quarter. The stock hit a high of Rs 217.75 and a low of Rs 208.60 so far during the day. The stock hit a 52-week high of Rs 233.65 on 10 November 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 30 days till 22 November 2016, rising 2.17% compared with the 7.87% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.51% as against Sensex's 7.48% decline.

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

Vedanta announced that it has received board's approval to raise Rs 300 crore through issue of 3,000 secured redeemable non-cumulative non-convertible debentures (NCDs) of face value of Rs 10 lakh each. The tenure of the NCDs is three years and five months from the date of allotment, while date of maturity is 22 April 2020. Crisil has assigned 'AA-/Stable' rating to the said instrument.

In a separate announcement yesterday, 22 November 2016, the company said that the board has approved the appointment of chief financial officer Arjun Kumar GR as a whole-time director of the company and Bhumika Sood as company secretary. The appointments reflect the focus of Vedanta towards empowering its professionals and developing in-house talent, said, Tom Albanese, CEO, Vedanta.

On a consolidated basis, Vedanta's net profit rose 17.14% to Rs 1252.13 crore on 4.13% decline in net sales to Rs 15665.64 crore in Q2 September 2016 over Q2 September 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 and Ireland.

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