Vedanta gains on emerging preferred bidder for bauxite block in Odisha

Vedanta rose 1.15% to Rs 316.55 after the company announced that it has been declared as preferred bidder for Sijimali bauxite block in Rayagada and Kalahandi districts of Odisha.

In an exchange filing, the mining company said, Vedanta has been declared as the preferred bidder for Sijimali Bauxite Block, located in Rayagada and Kalahandi districts of Odisha, under the mineral block auction conducted by the Government of Odisha.

The block is a strategic fit for Vedanta given its size, location, and bauxite quality. The block has estimated reserves of 311 million tonnes of bauxite, the company stated in the press release.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.

On consolidated basis, the company's net profit declined 42.25% to Rs 3,092 crore in Q3 FY23 from Rs 5,354 crore posted in Q3 FY22. Revenue from operations fell marginally to Rs 33,691 crore in Q3 FY23 as against Rs 33,697 crore reported in the corresponding quarter last year.

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