The shares of Vedanta, one of the major player in the mining sector on Friday (September 27) surged 3 per cent, reaching an all time high of Rs 515.90 apiece. This surge is the fifth consecutive day of gains for the stock, marking a 100 per cent rise so far in 2024.
The recent performance of Vedanta shares is not an isolated one but as part of a broader trend in the metals sector. This surge in the stock prices can be seen with the latest developments from China and recent rate cuts by global central banks creating a favourable environment for metal stocks.
As of 1:09 pm IST, the shares of the company were trading at Rs 509.70, up by 1.58 per cent.
Share Performance |
The shares of the company today opened at Rs 506.00, and reached a high of Rs 515.90 apiece during the intraday trading session.
Furthermore, another boost in the metal stock include the China's recent policy measures, including a cut in the reverse repo rate, aimed at stimulating economic growth, with a target of around 5 per cent for the year.
Vedanta’s Financials Highlights
The company posted a 37 per cent year-on-year increase in consolidated net profit, amounting to Rs 3,606 crore for the June quarter. The revenue from operations of the company also surged by 6 per cent to Rs 35,239 crore.
Representative Image | File
The company's EBITDA jumped 47 per cent year-on-year to Rs 10,275 crore, with profit margins standing at 34 per cent.
Anticipation of Interim Dividend
Adding to this is the upcoming board meeting to discuss the fourth interim dividend for the financial year 2024–25. The record date for this dividend has been set for October 16, 2024.
