Vedanta oil, power units swing to profit; shares rise
In short
Vedanta’s Oil and Gas and Power businesses turned profitable in the September quarter, and their shares jumped 13.5% and 13.4% on Friday. The report says higher power sales and better prices helped.
This matters because the move points to stronger business performance in part of the group. The report does not give the profit numbers, and Vedanta and Aluminium shares fell.
What the reporting says
Vedanta’s Oil and Gas and Power businesses swung to profits in the September quarter, pushing their shares up 13.5% and 13.4% on Friday. The report says higher power sales and better price realisations supported the turnaround, while Vedanta and its Aluminium business shares declined. It does not state the exact profit figures or whether the gains held after Friday.
Why it matters
Vedanta’s Oil and Gas and Power businesses swung to profits in the September quarter, and the market reacted with share gains of 13.5% and 13.4% on Friday. The reported drivers were higher power sales and improved price realisations. The same summary says Vedanta and its Aluminium business shares fell, but it does not provide profit figures or explain the decline.