Vedanta Shares Gain

Vedanta’s American depositary shares jumped more than 3% intraday after the company reported a fiscal Q4, adjusted earnings of INR5.33 ($0.08) per basic share from an adjusted loss of INR1.40 a year ago, which missed an average estimate of two analysts for INR7.95 per share as provided by Capital IQ.

Net sales for Q4 ended March 31 surged 41% to INR223.71 billion, which beat the consensus for INR221.75 billion.
In a statement released Monday, the company said it delivered cumulative cost and marketing savings of $712 million over the past eight quarters – that’s ahead of a plan to deliver $1.3 bn in four years.

By Celina Yao