Vedanta rallied 2.4 percent to Rs 191.70 on BSE on reports the company is contemplating to revive The Madras Aluminium Company.
Meanwhile, the S&P BSE Sensex was down 27.66 points or 0.1 percent at 28,306.89.
On BSE, so far 8.79 lakh shares were traded in the counter as against average daily volume of 14.25 lakh shares in the past one quarter. The stock hit a high of Rs 191.15 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 188.05 so far during the day.
The stock had hit a 52-week low of Rs 58.10 on 12 February 2016. The stock had outperformed the market over the past one month till 4 October 2016, surging 8.71 percent compared with 0.69 percent fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 34.98 percent as against Sensex's 3.87 percent rise.
The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Rs 1.
While ruling out any aluminium production, the company is discussing internally if The Madras Aluminium Company (Malco) unit in Tamil Nadu could be used for recycling purposes, reports suggested. Malco used to be a major aluminium producer, encompassing mining, refining and smelting. Currently, it is only into power generation, reports stated.
Separately, media reports suggested that Vedanta expects that Goa will export around 20 million tonnes of iron ore in the current fiscal. Goa produces low grade iron ore which is exported to China. After removal of the mining ban by the Supreme Court in 2014, the state is allowed to mine 20 million tonnes, with the highest share of 5.5 million tonnes going to Vedanta, reports suggested.
Vedanta's consolidated net profit fell 27 percent to Rs 615.02 crore on 15.2 percent decline in net sales to Rs 14364.01 crore in Q1 June 2016 over Q1 June 2015.
Vedanta is a diversified natural resources company. Its 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.
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