Vedanta and NMDC rose 1.68% to 1.93% Rs at 11:55 IST on BSE after iron-ore prices surged on Friday, 22 January 2016 on reports that a court ordered Brazilian miner Vale to close one of its ports temporarily after alleged environmental breaches.
Vedanta (up 1.93% at Rs 66) and NMDC (up 1.68% at Rs 81.70) edged higher.
Meanwhile, the S&P BSE Sensex was up 124.50 points or 0.51% at 24,560.16.
Iron-ore prices surged in global markets on Friday, 22 January 2016 on hopes of increased demand after media reports suggested that Brazilian miner Vale, the world's largest producer of iron-ore, was ordered by a local court on Thursday, 21 January 2016, to temporarily shut down its Port of Tubarao over alleged environmental breaches.
Vedanta (formerly Sesa Sterlite) is a diversified natural resources company. The company produces zinc, lead, silver, copper, iron ore and aluminium. On consolidated basis, Vedanta's net profit fell 39.9% to Rs 973.97 crore on 15.9% decline in net sales to Rs 16349.21 crore in Q2 September 2015 over Q2 September 2014. The company is scheduled to announce its Q3 December 2015 results on 28 January 2016.
NMDC is engaged in the mining of iron ore. NMDC's net profit fell 48.3% to Rs 810.24 crore on 48.4% decline in net sales to Rs 1601.76 crore in Q2 September 2015 over Q2 September 2014. The Government of India (GoI) held 80% stake in NMDC as per the shareholding pattern as on 30 September 2015.
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