Vedanta Reports Record Output In FY24, Drives Shares Over One-Year High
The company's aluminium production grew 4% year-on-year to 598 kilo tonne in the quarter ended March, the company said.
Shares of Vedanta Ltd. rose to over one-year high on Thursday after it recorded "highest-ever" annual production volume across key businesses in FY24.
The company's aluminium production grew 4% year-on-year to 598 kilotonne in the quarter ended March, according to an exchange filing. Zin India's mined metal production fell 1% to 299 kilotonne, the filing said.
Shares of Vedanta Ltd. rose as much as 4.59% to Rs 312.50, the highest level since Feb. 21, 2023. It was trading 2.01% higher at Rs 304.80 as of 120:47 a.m., compared to 0.07% decline in the NSE Nifty 50 index.
The stock gained 6.38% in past 12 months. Total traded volume so far in the day stood at 2.6 times its 30-day average. The relative strength index was at 69.62.
Out of 13 analysts tracking the company, seven maintain a 'buy' rating, three recommend a 'hold,' and three suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 2.6%.
