Comments
Shares of Vedanta hit near 7-year high as the company had on Thursday reported 20 per cent increase in net profit at ₹2,986 crore for the quarter ended September 30, 2017, against ₹2,495 crore in the corresponding quarter of the previous year.
Shares of the diversified mining, metal and energy company rose as much as 1.6 per cent to Rs 346.40, their highest since January 2011.
Kuldip Kaura, CEO, Vedanta, said the company has managed to post better financials on the back of solid operational performance in zinc and copper businesses, supported by strong commodity prices.
He said that the company expects the second half of this fiscal to be more robust with continuing production ramp-up and strong balance-sheet.
“Access to bauxite mining, improved coal availability, reduction in net debt will be positive in medium to long term," Emkay Global Financial Services analysts wrote in a note
Vedanta is poised to benefit from bullish price outlook for zinc, according to Motilal Oswal analysts.
Eight of 21 brokerages covering the stock rated it “strong buy", 12 “buy” and one “hold"; the median target price is Rs 350, according to Thomson Reuters data.
(With inputs from Reuters)
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.