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Vedanta Q3 Update: Vedanta's aluminum production in the third quarter increased by 3% to 614 kilo tonnes. According to the provisional update released on Friday, the production of mind metal increased by 3% to 265 kilo tonnes between October-December. This increase was due to better grades and increased production at Agucha and Zawar mines.
The production of refined zinc also increased by 3% to 204 kilo tonnes during the same period. The company achieved a record level of lead metal production in 9 months, in which better grade and mill recovery played an important role. A new record was also made in refined metal production. The production of refined zinc increased by 3% and that of refined lead by 4%. This excellent result was possible due to the better performance of the plant and the proper availability of resources.
The previous quarter's data showed a decline in oil and gas production, while steel and copper production improved. Oil and gas production fell 19% year-on-year to 9.1 million barrels of oil equivalent per day.
At the same time, pig iron production increased by 7% to 217 kilotonnes. This is the result of relining of small furnaces. Total pig iron production increased by 14% quarter-on-quarter, reflecting recovery from disruptions caused by blast furnace shutdowns and heavy rains in the previous quarter.
Saleable ore production increased by 10% to 1.5 million tonnes. Saleable steel production also increased by 11% quarterly to 329 million tonnes. This indicates production is back on track after the maintenance shutdown.
Copper production also improved and rose 9% quarter-on-quarter to 45 kilotonnes.
Vedanta shares rose, gaining 1.8% despite market decline
Vedanta shares closed 1.8% higher at ₹457.9 on Friday, while the BSE Sensex fell 0.9%. The company released its business update after market close.
Vedanta shares have given a fantastic return of 73% in the last 12 months. However, despite the sell-off in the market on Friday, Vedanta shares rose 2% to reach ₹ 458. But in the last three months, the company's shares have fallen by about 11%.
