Vedanta is up in the green, currently up over 7.5% at Rs.72.35 with good volumes of over 34 lakh shares changing hands.
The stock is up on two counts – firstly, the company declared a good set of Q3Fy16 numbers. Its net profit for the quarter rose 82% (YoY) to Rs.42 crore and this was on the back of very good topline growth. Total income rose 27% to Rs.1134 crore. And this growth in topline was mainly driven by telecom products and solutions business, which rose 20%. Revenue from power products and solutions rose 35% to Rs.621 crore.
The second news is unconfirmed – there is news that the Board will be meeting today to discuss merger of Cairn India on modified terms which could get approval from LIC and other shareholders who had earlier disapproved the previous merger terms. The rumour is that as per the new terms, shareholder of Cairn will get one share of Vedanta for every share of Cairn.