Vedanta Share shares open at 171.40 on Friday. The stocks fell by 4.12 percent ahead of the Union Budget. The stock closed at 164.00.
.Vedanta earlier in the week won 10 oil and gas exploration blocks offered in the latest auction. According to the Directorate General of Hydrocarbons (DGH), the company won five blocks on offer in Open Acreage Licensing Policy (OALP)-II, while the other 5 blocks in OALP-III.
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.
Vedanta is also aiming to be among the top three steel players in the country. In this regard, the company earlier said it had plans to enhance the production capacity to 10 million tonnes over the next 5-6 years. The company had forayed into steel with takeover of Electrosteel Steels Ltd from the NCLT last year. In the next two years, the current capacity of 1.5 million tonnes will be doubled with a capex of Rs 4,000-5,000 crore.
The BSE group ‘A’ stock of face value Re 1 has touched a 52-week high of Rs 270.65 on 22 May 2018 and a 52-week low of Rs 145.90 on 15 February 2019.
Vedanta shares have lost almost 25% value in the last one year compared with a 12% rise in the benchmark Nifty 50 index.
The promoter holding in the company stood at 50.14%, while Institutions and Non-Institutions held 35.15% and 10.69%, respectively.
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