Vedanta moves up as its aluminium business planning to focus on backward integration in FY23
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Vedanta is currently trading at Rs. 380.15, up by 17.65 points or 4.87% from its previous closing of Rs. 362.50 on the BSE.
The scrip opened at Rs. 361.40 and has touched a high and low of Rs. 380.15 and Rs. 357.00 respectively. So far 530978 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 385.75 on 19-Oct-2021 and a 52 week low of Rs. 204.10 on 26-Feb-2021.
Last one week high and low of the scrip stood at Rs. 380.70 and Rs. 335.70 respectively. The current market cap of the company is Rs. 141197.81 crore.
The promoters holding in the company stood at 69.69%, while Institutions and Non-Institutions held 19.51% and 9.36% respectively.
Vedanta's aluminium business, which has not been impacted majorly by COVID-19, is planning to focus on backward integration in the next fiscal (FY23) and would bring into production two of its mines in Odisha to provide raw material security for its plants.
The expansion of the company's alumina refinery from the current 2 million tonnes per annum (MTPA) to 5 MTPA is going as per the schedule. To cater to sunrise sectors like electric mobility, renewable energy and aerospace, the company is expanding its portfolio in terms of value-added products like billets and alloys.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
