Vedanta declines ahead of Q2 numbers

NEW DELHI: Shares of mining conglomerate Vedanta declined 1 per cent in morning trade on BSE on Wednesday ahead of its second quarter earnings. Analysts expect the company to report over 30 per cent drop in net profit with a mid-single-digit dip in net sales later in the day.

Vedanta is slated to announce its financial results for the quarter ended September 2018 on Wednesday later in the day. Brokerage Edelweiss Securities sees 42.90 per cent year-on-year fall in core profit after tax at Rs 1,125.80 crore in Q2FY19 against Rs 1970.10 crore net reported for the corresponding quarter last year. It projected 4.7 per cent and 4.5 per cent YoY fall in revenue and EBITDA.

The market will also closely watch the September quarter numbers of Tata Motors and Larsen & Toubro later today. Shares of Vedanta traded at Rs 208.85 apiece, down 1.09 per cent, at 10 am on BSE. The benchmark Sensex was 0.58 per cent down at 33,694 at that time.