Vedanta plunges 18% as brokerages downgrade stock on its Anglo American investment

Shares of Vedanta fell around 18 percent on Friday morning as investors turned wary of the stock after financial results.

The touched a 52-week low of Rs 162.05. It touched an intraday high of Rs 180.50 and an intraday low of Rs 162.05.

Vedanta has reported a 21 percent on year decline in third quarter consolidated profit to Rs 1,574 crore due to lower commodity prices and shutdown of copper smelter at Tuticorin.

Revenue from operations during the quarter dropped 2.8 percent to Rs 23,669 crore compared to year-ago. The sequential profit was up 17 percent and revenue up 4 percent.

Revenue was lower mainly on account of shutdown of copper smelter at Tuticorin and lower commodity prices, partially offset by currency depreciation and higher volumes at Electrosteel and aluminium business," Vedanta said.

At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) declined 11 percent year-on-year to Rs 5,953 crore, but sequentially EBITDA increased 13 percent and margin expanded 300 bps QoQ to 29 percent.

Source:https://www.moneycontrol.com/news/business/markets/vedanta-plunges-18-as-brokerages-downgrade-stock-on-its-anglo-american-investment-3467591.html

If you need more information about the Stock Market:

 Visit: http://www.tradeindiaresearch.com