Vedanta rose 1.9% to Rs 171.85 at 15:00 IST on BSE after the company said that it signed the concession agreement for redevelopment of berth no. 8, 9 and barge berths at Port of Mormugao, Goa.
The announcement was made yesterday, 22 September 2016.Meanwhile, the BSE Sensex was down 34.54 points, or 0.12%, to 28,736.43.
On BSE, so far 7.48 lakh shares were traded in the counter, compared with average daily volume of 15.1 lakh shares in the past one quarter. The stock hit a high of Rs 171.90 and a low of Rs 167.20 so far during the day. The stock hit a 52-week high of Rs 180.70 on 7 September 2016. The stock hit a 52-week low of Rs 58.10 on 12 February 2016. The stock had underperformed the market over the past one month till 22 September 2016, falling 4.7% compared with Sensex's 2.81% gains. The scrip, however, outperformed the market in past one quarter, gaining 32.98% as against Sensex's 7.5% gains.
The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Re 1.
Vedanta said that the project will be handled by Goa Sea Port Pvt Ltd, a subsidiary of Sterlite Ports, which is a wholly owned subsidiary of Vedanta. The total estimated project cost is Rs 1145 crore and construction is expected to be completed in five years.
Vedanta on 15 April 2016 had received letter of award for redevelopment of existing berths 8, 9 and barge berths at the Port of Mormugao, Goa on develop, build, finance, operate and transfer (DBFOT) basis for a concession period of 30 years with the Mormugoa Port Trust.
The redeveloped berths are planned to handle all type of cargo including iron ore, coal and general cargo with an expected capacity of 19.22 million tonnes per annum. Vedanta is the largest exporter of iron ore from Goa and this project would provide logistic integration to its iron ore business apart from handling other cargo, the company had said at that time.
Vedanta's consolidated net profit fell 27% to Rs 615.02 crore on 15.2% decline in net sales to Rs 14364.01 crore in Q1 June 2016 over Q1 June 2015.
Vedanta is a diversified natural resources company. Its business primarily involves producing oil & gas, zinc - lead-silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia, Ireland, Liberia and Sri Lanka.
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