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As On 08-Jul-2020 EOD, Market Closed
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  • Vedanta slips after Q2 revenue declines

    Vedanta's consolidated net profit rose 44% to Rs 2,730 crore on a 3% decline in net sales to Rs 21,739 crore in Q2 September 2019 over Q2 September 2018.

    Revenue declined primarily due to lower commodity prices partially offset by additional volumes from commencement of Gamsberg operations and higher sales at iron ore Karnataka.

    Attributable profit after tax (PAT) for the quarter was Rs 2,158 crore, up 61% compared with Rs 1,343 crore in Q2 September 2018.

    EBITDA for Q2 September 2019 was at Rs 4,497crore, lower by 15% y-o-y, mainly due to lower commodity prices, partially offset by additional volumes from commencement of Gamsberg operations, higher sales at Iron Ore Karnataka and easing of input commodity inflation.

    EBITDA margin fell to 25% in Q2 September 2019 compared with 26% in Q2 September 2019.

    Finance cost for Q2 September 2019 was at Rs 1,340 crore, lower by 9% y-o-y, primarily due to reduction in gross borrowings, while on a sequential basis the finance cost remained flat.

    Exceptional item primarily is a charge of Rs 504 crore, relating to impairment at Avanstrate Inc, partially offset by accrual of interest against pending claims at TSPL based on Supreme Court order giving a net charge of Rs 422 crore.

    Section 115BAA of the Income-tax Act, 1961 has been introduced by the Taxation Laws (Amendment) Ordinance, 2019. Based on the expected timing of exercising of the option under Section 115BAA by the respective entities, the group has re-measured its deferred tax balances leading to a deferred tax credit of Rs 2,501 crore on deferred tax balances as at 31 March 2019 being recognized in the current quarter. Normalised tax rate for the quarter is 32% as against 27% last quarter.

    Commenting on company's Q2 performance, Srinivasan Venkatakrishnan, chief executive officer, Vedanta, said, "We are at an exciting transition that will see the company accelerate in the expansion of its reserves and resource base over coming quarters. This expansion is being delivered through strict capital allocation and balance sheet focus aimed at creating value for our stakeholders. As we look forward to the year, we have in place the building blocks to enhance our performance in the three key businesses. We have immense confidence in being able to deliver the best from our assets and people whilst always being committed to our core values around ethics, governance and social responsibility."

    The net debt fell by Rs 8,322 crore to Rs 20,081 crore on 30 September 2019 compared with its debt during 30 September 2018, primarily due to free cash flow generation during the period and realisation of power debtors at TSPL.

    Shares of Vedanta fell 1.82% at Rs 145.55. Meanwhile, the Nifty 50 index was trading 0.3% higher at 11,875.40.

    Vedanta is a natural resource company engaged in the business of manufacturing copper and copper products, and aluminum and aluminum products.

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Flash News 08-Jul-2020
  •  ( 16:15) Market breaks 5-day winning streak; IT shares drag  
  •  ( 15:03) NCC bags five orders worth Rs 1,396 cr in June 2020 from State Govts.  
  •  ( 14:35) Kolkata-based Jwalamukhi Investment Holdings sold 2.206% stake in CEAT  
  •  ( 13:10) NBCC (India) June 2020 total business secured stands at Rs 431.63 cr  
  •  ( 12:33) BEML closes its loss-making subsidiary, M/s Vignyan Industries, Tarikere  
  •  ( 12:06) Ramco Systems hits the roof after fresh order win  
  •  ( 11:47) Steel Strips Wheels on the roll after fresh export orders  
  •  ( 11:32) Most Asian markets advance  
  •  ( 11:31) Market breadth in favour of buyers  
  •  ( 11:30) Sensex, Nifty trade flat  
  •  ( 11:17) Lupin voluntarily recalls type 2 diabetes drug in US  
  •  ( 11:15) NCL Inds Q1 cement production drops 16% to 4,65,178 metric tonne  
  •  ( 11:09) Maruti Suzuki's total production drops 55% to 50,742 units in June 2020  
  •  ( 10:58) Groupe ADP completes 2nd investment tranche in GMR Infra.'s airport business  
  •  ( 10:31) PSU Banks in demand  
  •  ( 10:30) Sensex, Nifty at the low point of the day  
  •  ( 09:57) Bharti Airtel forms strategic alliance with ZEE5 to unviel new schemes for users  
  •  ( 09:26) Facebook gets allotted 9.99% stake Reliance Industries-owned Jio Platforms  
  •  ( 09:25) Strong market breadth  
  •  ( 09:19) Stocks nudge higher in early trade  
  •  ( 08:04) Wall Street drops as COVID-19 cases mount  
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08 July 2020 00:00
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