InvestorQ : What triggered Vedanta to touch a 3-year high on Wednesday?
Sam Eswaran made post

What triggered Vedanta to touch a 3-year high on Wednesday?

Moii Chavate answered.
2 years ago

Vedanta touched a 3-year high of Rs 325, and has now rallied by over 25% since the results were announced for the quarter. For the Jun-21 quarter, Vedanta had announced 4-fold rise in net profits at Rs.4,224 crore on the back of higher volumes and better pricing. However, due to the COVID effects, the profits were lower than the 6,432 crore reported by Vedanta in the sequential March 2021 quarter.

EBITDA was up 9% at Rs.9,870 crore, on the back of top line growing 79% sequentially to Rs.28,105. Higher revenue growth during the quarter was largely explained by improved commodity prices. However, in the Indian market, the weak sales of Zinc turned to be a dampener, which was more than offset by the spurt in demand for iron ore, steel and copper business. The company is also expecting a 25% IRR in its BALCO aluminium business.

The company has also hinted at plans to pare its debt substantially during the year. However, going ahead the LME prices of most metals are likely to taper after a very sharp rally in the last few quarters.