Vedanta reports production gains in metals

4 Jul 2024 , 12:06 PM

Vedanta Ltd, promoted by billionaire Anil Agarwal, reported increased production in aluminium, zinc, iron ore, and steel for the June quarter in its latest business update.

• Aluminium production rose by 3% to 5,96,000 tonnes compared to the same period last year.
• Zinc India saw saleable metal output increase slightly to 2,62,000 tonnes from 2,60,000 tonnes.
• Saleable iron ore production increased to 1.3 million tonnes from 1.2 million tonnes year-over-year.
• Total saleable steel production rose by 10% to 3,56,000 tonnes.
• Zinc International’s mined metal output decreased significantly to 38,000 tonnes from 68,000 tonnes in the first quarter of FY24.
• Oil and gas production dropped by 17% to 112,400 boepd, down from 134,900 boepd the previous year.
• Power sales increased by 13% to 4,791 million units from 4,256 million units compared to the April-June period of the last financial year.

At the time of writing on July 4, 2024 at 10:26 pm, shares of Vedanta is is currently trading at ₹465.35 which is a 0.31% gain than the previous close. The stock has gained a total of 67% in the last one year, and 80% since the beginning of the year.

Vedanta’s promoter entities recently sold 2.6% equity through banks, following nearly 10% equity sales since December 2022, despite earlier statements from Group Chairman Anil Agarwal indicating no such plans.