Shares of Vedanta Oil & Gas, Vedanta Iron & Steel and Vedanta Power fell as much as 8 percent on Monday after the companies released first-quarter updates that disappointed investors. Vedanta Aluminium Metal shares rose more than 1 percent. The four firms were created earlier this year through a demerger from Vedanta and issued their updates after market close on Friday.
Vedanta Oil & Gas shares dropped over 8 percent to 39.30 rupees. Gross oil and gas output fell 17 percent year on year to 7.1 million barrels of oil equivalent. Working interest production declined 16 percent to 4.7 million barrels of oil equivalent. The Rajasthan asset saw daily gross operated production drop 15 percent to 63,100 barrels of oil equivalent per day.
Vedanta Iron & Steel shares declined about 5 percent to 38.50 rupees. Saleable iron ore output rose 4 percent year on year to 2.6 million dry metric tonnes but fell 3 percent from the previous quarter. Steel production increased 4 percent to 582,000 tonnes.
Vedanta Power shares slipped 4.5 percent to 43.67 rupees. Power sales rose 38 percent year on year to 5,225 million units but declined 6 percent sequentially. Sales at the Sakti plant fell sharply after a boiler incident reduced availability.
Vedanta Aluminium Metal shares gained more than 1 percent to 467.85 rupees. The company reported record quarterly aluminium output of 632,000 tonnes, up 5 percent from a year earlier. Power sales at BALCO rose 21 percent year on year.
