Vedanta rallies 4% on renewal of import and transit permits

NEW DELHI: Shares of Vedanta surged over 4 per cent in Friday’s trade after the company said the import and transit permits for the company's iron ore business at Goa got re-issued on August 3. The announcement was made after market hours on Thursday.

The stock rose 4.04 per cent to hit a high of Rs 168.35 on BSE. The permit issued, the company said, states that it is allowed to import iron ore for domestic self-consumption for its Pig iron plant in Amona.

Vedanta posted a 30.4 per cent drop in consolidated June quarter net profit at Rs 615 crore against Rs 884 crore reported for the year-ago period due to lower volume of mined metal. Income from operations slid 15 per cent to Rs 14,364 crore against a turnover of Rs 16,943.71 crore reported for the same period last year.

The company last week said it expects improved margins in its oil and gas business to offset price volatility in the metals business over the next few quarters, the ET reported.