Vedanta Ltd has hit over a three-year high of Rs 324.80, as they rallied 6 per cent on the Bombay Stock Exchange (BSE) in intra-day trade on Wednesday. In the past three weeks, the stock has surged 27 per cent on strong June quarterly earnings. The company reported a consolidated net profit attributable to owners of the company at Rs 4,224 crore in the June quarter (Q1FY22), up 309 per cent from the same period last year on the back of increased revenue. In the March quarter, the company’s consolidated net profit was at Rs 6,432 crore.
The stock was trading at its highest level since March 2018. The stock had hit a record high of Rs 494 on April 8, 2010.
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Vedanta’s Q1FY22 Ebitda (earnings before interest, taxes, depreciation, and amortization) stood at Rs 9,870 crore, up 9 per cent quarter-on-quarter (QoQ), benefitting from favorable commodity prices despite subdued volumes in the fundamental Zinc-India division.
Stock Covered in the news
