The shares of the multinational mining company gained up to 5 percent after the company achieved a major milestone by expanding its Alumina Refining Capacity to 3.5 million tonnes per annum (MTPA).
With a market capitalization of Rs 1.13 lakh crore, the shares of Vedanta Limited were trading at Rs 305.55 per share, increasing around 2.34 percent as compared to the previous closing price of Rs 298.55 apiece.
According to the company filing, Vedanta Limited acknowledged a critical milestone in its ongoing development aspirations to become one of the top three worldwide companies with 3 million tonnes of aluminum production capacity per year (MTPA).
Furthermore, the company took a significant step towards achieving 100% vertical integration, and the company successfully commissioned the new 1.5 MTPA expansion at its world-class alumina refinery in Lanjigarh, Odisha.
Moreover, this additional 1.5 MTPA capacity is a part of the company’s new 3 MTPA facility, which will take the overall nameplate capacity at the Lanjigarh refinery from an existing 2 MTPA to 5 MTPA.
Additionally, the company’s highest-ever quarterly refined metal production at 273 kt, up 6% QoQ on account of better plant availability and up 1% YoY. Refined zinc production was at 220 kt, up 9% QoQ & 2% YoY. Refined lead production at 53 kt, lower 2% YoY and 5% QoQ.
Looking at the company’s financials, Vedanta Ltd’s sales increased by 4% from Rs 34,102 crore in Q3FY23 to Rs 35,541 crore in Q3FY24. During the same time frame, net profit decreased by 7% from Rs 3,091 crore to Rs 2,868 crore.
In the company’s recent shareholding pattern, the Promoters of the company own 63.71 percent while Retail shareholders own a 17.23 percent stake in the company, and Foreign Institutional Investors own a 7.74 percent stake.
Vedanta Ltd is a natural resource group that explores, extracts, and processes minerals, oil, and gas. The company is involved in the exploration, production, and sale of zinc, lead, silver, copper, aluminum, iron ore, and oil and gas. It has a presence in India, South Africa, Namibia, Ireland, Liberia, and the UAE.
Written by:- Abhishek Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
