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Vedanta stock edges higher after Q1 biz update; shares rise 81% year-to-date

04 Jul , 2024   By : Debdeep Gupta


Vedanta stock edges higher after Q1 biz update; shares rise 81% year-to-date

Shares of Vedanta gained over 1 percent in opening deals on July 4, a day after the company shared the business update for the June quarter. The Anil Agarwal-led company reported a rise in production of aluminum, zinc, iron ore, and steel in Q1FY25.

However, the metals-to-mining conglomerate reported a rise in the production of mined metal overseas, while oil and gas output dropped during the quarter.

Vedanta said in a regulatory filing that the aluminum output grew three percent to 5.96 lakh tonnes in the first quarter over the year-ago period. At Zinc India, the saleable metal output grew to 2.62 lakh tonnes over 2.6 lakh tonnes.

While at Zinc International the mined metal output dropped to 38,000 tonnes, over 68,000 tonnes in the first quarter of FY25.

Meanwhile, oil and gas output dropped 17 percent to 112,400 average daily gross operated production (boepd) during the quarter from 134,900 boepd a year earlier.

The production of saleable iron ore rose to 1.3 million tonnes over 1.2 million tonnes in the year-ago period. The total saleable steel production rose 10 percent to 3,56,000 tonnes and power sales rose 13 percent to 4,791 million units from 4,256 million units in the April-June period of the last financial year.

At 9:50 am, Vedanta shares were trading 0.4 percent higher at Rs 465.80 apiece on the National Stock Exchange (NSE). So far this year, the stock has zoomed over 80 percent, beating benchmark Nifty's returns of around 12 percent during this period.

Last month, it was reported that the Vedanta Group, comprising Vedanta Ltd and Hindustan Zinc Ltd, generated the maximum wealth for investors in the current fiscal.

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