Vedanta Shares Rise As Saleable Steel Output Jumps In Q1
The stock rose as much as 1.49% during the day to Rs 470.8 apiece on the NSE.
Shares of Vedanta Ltd. rose on Thursday after the mining company posted a 10% jump in the production of saleable steel or finished products in the first quarter of the current financial year. Output in the category stood at 356 kilotonnes in the quarter ended June.
Production of cast metal aluminum went up 3% year-on-year to 596 KT. The production of alumina at the Lanjigarh refinery was at 539 KT, up 36% YoY, driven by new capacity, the Anil Agarwal-owned company told the exchanges in its business update.
Mined zinc production was at 263 KT, a 2% YoY growth, with improved mined metal grades. Saleable zinc production saw a 1% growth, it said.
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Vedanta's stock rose as much as 1.49% during the day to Rs 470.8 apiece on the NSE. It was trading 0.86% higher at Rs 467.9 apiece, compared to a 0.3% advance in the benchmark Nifty at 9:32 a.m.
The share price has risen 68% in the last 12 months and 80% on a year-to-date basis. The relative strength index was at 58.
Eight out of the 13 analysts tracking the company have a 'buy' rating on the stock, four recommend 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 1.3%.
