Vedanta EPS dissapoints, no news on Cairn

Posted By: Religare
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Vedanta EPS dissapoints, no news on Cairn
A significant increase of 29% in the full year earnings per share was posted by Vedanta Resources Ltd., today. The India-focused miner informed that the reason behind such a high jump is the strong demand of the commodity in the market.

The company has identified India and China as the countries with maximum amount of opportunities as in both the nations company has witnessed a robust growth in the demand for key metals.

In accordance with the estimates made by Thomson Reuters, the basic EPS of the company stood at around 283 cents however on the other side the analyst forecast stood around 321 cents. The attributable profit which was recorded by the company during the current fiscal of 2011 is around $770.8 million (a rise of 28% when compared with the profit figures of the previous year).

Moreover, the revenues of the firm also went through an increase of 44.1% standing at $11.4 billion. Earnings of the company which at present rely on iron ore, copper and zinc also witnessed a hike of almost 55% at $3.6 billion.

The company is expecting to further increase in its profits after it becomes successful enough in getting the control of Cairn India. Presently, Vedanta has been stuck in a quarrel over royalty payments and thus a delay has been seen in its proceeding with the Cairn deal.

Read more about: vedanta, cairn, results
Story first published: Friday, May 6, 2011, 9:30 [IST]
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