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Vedanta gains on bargain hunting
(15:03, 11 Jul 2019)

Meanwhile, S&P BSE Sensex was up 278.91 points or 0.72% at 38,835.95.

On BSE, 5.03 lakh shares were traded in Vedanta counter, compared to a 2-week average of 4.19 lakh shares. The share price hit an intraday high of Rs 165.10 and an intraday low of Rs 160.85. It hit a 52-week high of Rs 246.90 on 3 October 2018 and a 52-week low of Rs 145.90 on 15 February 2019.

Shares of Vedanta fell 8.44% in the past six trading sessions to settle at Rs 160 yesterday, 10 July 2019, from its close of Rs 174.75 on 2 July 2019.

Vedanta's chairman Navin Agarwal was quoted at the annual general meeting (AGM) today, 11 July, that the company spent around Rs 10,000 crore in FY2019 on capital expenditure programmes. The company's growth plans will see it becoming the world's largest zinc producer and among the top three silver producers.

As India's largest private sector oil and gas producer, Vedanta aims to double its current contribution of 27% of nation's production. India currently imports around 80% of its oil and gas requirements, amounting to $150 billion, he said.

Looking at the medium term, Agarwal said Vedanta's plans include a total capital investment of Rs 55,000 crore to increase production by about 50% across its businesses which the company expects to fund from internal cash flows.

Vedanta's consolidated net profit fell 16.5% to Rs 2,615 crore on a 16.4% decline in net sales to Rs 23,092 crore in Q4 March 2019 over Q4 March 2018.

Vedanta is a globally diversified natural resources company with interests in zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil and gas.

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