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VEDL - Vedanta News Story

₹302 -7.1  -2.3%

Last Trade - 17/09/21

Sector
Basic Materials
Size
Large Cap
Market Cap £11.03bn
Enterprise Value £12.95bn
Revenue £9.90bn
Position in Universe 45th / 3148

BUZZ-India's Vedanta dives; concern over related-party transaction to remain overhang - CLSA

Wed 8th May, 2019 5:35am
** Shares in Vedanta Ltd  VDAN.NS  drop as much as 4.1 pct
to 156.80 rupees, their lowest since Feb. 20 and biggest pct
loss in nearly 4 weeks
    ** Miner's Q4 net profit dived to 26.15 bln rupees ($375.71
mln), but came in much above expectations, from 48.02 bln rupees
a year ago due to a one-time gain of 28.69 bln rupees it saw as
reversal of previous impairments  urn:newsml:reuters.com:*:nL3N22J3BZ
    ** CLSA cuts PT on stock to 135 rupees from 170 rupees with
"sell" rating, saying concern over related-party transaction to
remain an overhang, likely to overshadow its underlying earnings
outlook and remain a drag on its valuation
    ** CLSA says slow volume ramp-up in zinc & oil and increased
costs in unit Hindustan Zinc Ltd  HZNC.NS  are concerns  
    ** Morgan Stanley says focus remains on volume growth in
zinc, aluminium and oil & gas, and better cost management,
particularly in the aluminium segment; keeps "equal-weight"
rating with PT of 176 rupees
    ** Stock down 19.1 pct this year as of last close

($1 = 69.6010 Indian rupees)

 ((Reuters Messaging:
krishna.vkurup.thomsonreuters.com@reuters.net))
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