Vedanta jumped 7.66% to Rs 72.40 at 11:32 IST on BSE on media reports that the company's board of directors is likely to meet today, 29 January 2016, to discuss merger of Cairn India with modified terms.
Shares of Cairn India were down 2.06% at Rs 121.20. The stock hit a high of Rs 129.75 and a low of Rs 120.80 in intraday trade.
Meanwhile, the S&P BSE Sensex was up 196.52 points or 0.8% at 24,666.09.
On BSE, so far 32.48 lakh shares of Vedanta exchanged hands compared with average daily volume of 17.07 lakh shares in the past one quarter. The stock hit a high of Rs 72.80 and a low of Rs 68.55 so far during the day. The stock had hit a 52-week high of Rs 233.45 on 11 May 2015. The stock had hit a 52-week low of Rs 62.15 on 21 January 2016. The stock had underperformed the market over the past one month till 28 January 2016, sliding 26.78% compared with Sensex's 6.01% fall. The scrip had also underperformed the market in past one quarter, declining 35.98% as against Sensex's 9.51% fall.
The large-cap company has equity capital of Rs 296.47 crore. Face value per share is Rs 1.
According to reports, Vedanta's board is likely to meet today, 29 January 2016, to discuss merger of Cairn India with modified terms. Life Insurance Corporation of India (LIC) and other major shareholders are likely to give their approval for the same, reports added. Vedanta in its Q3 results press release yesterday, 28 January 2016 said that it expects the merger of Cairn India with the company to be completed by Q1 June 2016.
Vedanta's consolidated net profit slumped 99% to Rs 18 crore on 23% drop in revenue to Rs 14801 crore in Q3 December 2015 over Q3 December 2014. The sharp decline in bottom line was due to lower oil and metal prices. The result was announced during market hours yesterday, 28 January 2016. The stock had risen 5.32% to settle at Rs 67.25 yesterday, 28 January 2016. Shares of Vedanta have surged 13.39% in two trading sessions from a recent low of Rs 63.85 on 27 January 2016.
Meanwhile, a separate media report said that Vedanta's pig iron plant at Amona received environment clearance (EC) for expansion in capacity from 450 KTPA to 540 KTPA from the Ministry of Environment, Forest and Climate Change (MOEFCC) yesterday, 28 January 2016.
Vedanta is a diversified natural resources company, whose 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. Vedanta, formerly Sesa Sterlite is the Indian subsidiary of Vedanta Resources Plc, a London-listed company.
Powered by Capital Market - Live News
