Vedanta sees high volatility

Vedanta fell 1.09% to Rs 90.70 at 14:35 IST on BSE, with the stock witnessing high volatility after Hindustan Zinc's board of directors declared a hefty special golden jubilee dividend of Rs 24 per share for the financial year ending 31 March 2016.

Meanwhile, the S&P BSE Sensex was down 13.66 points or 0.05% at 25,324.92.

On BSE, so far 26.58 lakh shares were traded in the counter as against average daily volume of 29.08 lakh shares in the past one quarter. The stock was highly volatile. The stock lost as much as 1.3% at the day's low of Rs 90.50 so far during the day. The stock surged as much as 5.17% at the day's high of Rs 96.45 so far during the day. The stock had hit a 52-week high of Rs 233.45 on 11 May 2015. The stock had hit a 52-week low of Rs 58.10 on 12 February 2016.

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

Vedanta will be the biggest beneficiary of the large dividend payout from Hindustan Zinc. Vedanta holds 64.92% stake in Hindustan Zinc (as per the shareholding pattern as on 31 December 2015).

Vedanta is one of the three stocks that will be excluded from the Nifty 50 index with effect from tomorrow, 1 April 2016 following a semi-annual review of its indices announced by NSE in February 2016.

Vedanta's consolidated net profit slumped 98.9% to Rs 17.91 crore on 22.6% drop in net sales to Rs 14800.97 crore in Q3 December 2015 over Q3 December 2014.

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.

Powered by Capital Market - Live News