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As of 8:10 PM 07/8/14 All times are local (Market data is delayed by at least 15 minutes).

vedanta resources plc (VDNRF) Key Developments

Vedanta May Buy Hindustan Zinc Stake Via Bidding Route

Vedanta Resources plc (LSE:VED) may have to get into a bidding war for the government's residual 29.54% stake in Hindustan Zinc Ltd. (BSE:500188). Centre may choose to sell the holding in Hindustan Zinc through an offer for sale. Vedanta's firm Sesa Sterlite owns 64.92% of Hindustan Zinc, currently valued at INR 69,000 crore, at which level the government's 29.54% would fetch more than INR 20,000 crore. Vedanta can participate in the exercise regardless of the divestment route, a spokesperson said by email. "In any stake sale method, we will also be eligible to participate.”

Vedanta Resources plc Provides Tax Rate and Production Guidance for the Fiscal Year 2015

Vedanta Resources plc provided tax rate and production guidance for the fiscal year 2015. The company expects the tax rate to be in the range of 20% to 25% during fiscal year 2015. For the fiscal year 2015, the company expects to deliver marginally higher production of mined and integrated metal, including silver.

Vedanta Resources plc Declares Final Dividend, Payable on August 8, 2014; Reports Audited Consolidated Earnings Results for the Year Ended March 31, 2014

The board of Vedanta Resources plc has declared final dividend of 39 cents per ordinary share in respect of the twelve months ended March 31, 2014, an increase of 5.4% as compared to 37 cents last year. The dividend will be paid out in US dollars on August 8, 2014 to those shareholders on the register of members on July 11, 2014. The company also reported audited consolidated earnings results for the year ended March 31, 2014. For the year, revenue was $12,945.0 million against $14,640.2 million a year ago. Operating profit was $2,150.1 million against $2,529.8 million a year ago. Profit before taxation was $1,118.1 million against $1,723.7 million a year ago. Profit for the year was $989.4 million against $1,677.6 million a year ago. Loss for the year attributable to equity holders of the parent was $196.0 million against profit for the year attributable to equity holders of the parent of $162.0 million a year ago. Diluted loss per share was 71.7 cents against diluted earnings per share 58.3 cents a year ago. Net cash inflow from operating activities was $3,361.0 million against $3,191.6 million a year ago. Purchases of property, plant and equipment and intangibles were $2,185.3 million against $2,221.2 million a year ago. EBITDA was $1,145.0 million against $1,182.5 million a year ago. Underlying attributable profit was $93.4 million against $367.9 million a year ago. Earnings per share on underlying profit were 34.2 cents against 134.8 a year ago. Net debt reduced by $696.1 million to $7,919.5 million at March 31, 2014 compared to $8,615.6 million a year ago. Free cash flow was $3,016.5 million against $3,534.7 million a year ago.

Vedanta Resources Mulls Acquisitions

Vedanta Resources plc (LSE:VED) is looking for acquisitions. D.D. Jalan, Chief Financial Officer of Vedanta Resources said, "While we may consider any compelling acquisition opportunities, we are focused on generating a strong return from our existing portfolios and using those cash flows to deleverage".

Vedanta Resources plc, 2014 Earnings Call, May 15, 2014

Vedanta Resources plc, 2014 Earnings Call, May 15, 2014

 

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