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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Vedanta Resources    VED   GB0033277061

VEDANTA RESOURCES (VED)
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Vedanta Resources : Rising zinc output helps lift miner Vedanta's first-half profit

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11/10/2017 | 09:10am CEST

(Reuters) - Diversified miner Vedanta Resources announced a 37.4 percent rise in half-year profit on Friday, buoyed by rising commodity prices and higher zinc and aluminium output.

Vedanta, which is currently searching for a new chief executive after the departure of Tom Albanese in August, has been recovering after being hard hit by the commodities slump.

Earnings before interest, tax, depreciation and amortisation rose to $1.69 billion (1.29 billion pounds) in the six months ended Sept. 30, from $1.23 billion, a year ago.

The company, which mines zinc in India, South Africa and Namibia, reported a near 80 percent jump in operating profit from its zinc business, helped by a 42.1 percent jump in total zinc content mined in India.

Zinc prices rose by more than a third on average in the six months to Sept. 30.

Vedanta also forecast higher mined zinc production for the full year ending March.

The company, whose Indian unit acquired oil and gas assets in India and South Africa by taking over Cairn India Ltd earlier this year, said it was investing more to explore its oil & gas assets and has a near-term production target of 275,000-300,000 barrels of oil equivalent per day.

The company's total aluminium production also rose more than 39 percent while average prices for aluminium have jumped about 23 percent in the period.

(Reporting by Arathy S Nair in Bengaluru; Editing by Susan Fenton)

Stocks mentioned in the article
ChangeLast1st jan.
LME ZINC CASH -0.88% 3215 End-of-day quote.-4.80%
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Financials ($)
Sales 2018 15 053 M
EBIT 2018 2 875 M
Net income 2018 364 M
Debt 2018 9 011 M
Yield 2018 5,81%
P/E ratio 2018 81,86
P/E ratio 2019 9,42
EV / Sales 2018 0,79x
EV / Sales 2019 0,65x
Capitalization 2 835 M
Chart VEDANTA RESOURCES
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Vedanta Resources Technical Analysis Chart | VED | GB0033277061 | 4-Traders
Technical analysis trends VEDANTA RESOURCES
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 9
Average target price 12,1 $
Spread / Average Target 18%
EPS Revisions
Managers
NameTitle
Kuldip Kumar Kaura Chief Executive Officer
Anil Kumar Agarwal Executive Chairman
G. R. Arun Kumar Chief Financial Officer
Navin Kumar Agarwal Executive Vice Chairman
Geoffrey Green Independent Non-Executive Director
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