Vedanta defers June quarter earnings due to ongoing pandemic; stock rises 2%

Vedanta cites the ongoing pandemic and other unforeseen circumstances as the reason behind the Q1 delay.

Sep 16, 2020 10:09 IST India Infoline News Service

Vedanta has decided to put a hold on the June 2020 (Q1FY21) quarter result announcement which was initially scheduled on September 15, 2020. Vedanta cites the ongoing pandemic and other unforeseen circumstances as the reason behind the delay.

In its regulatory filing on Tuesday, Vedanta said, "We hereby inform you that due to the ongoing pandemic and other unforeseen circumstances which are beyond the Company’s control, the Company is unable to hold its Board Meeting on September 15, 2020."

Vedanta has said that they will reschedule the board meeting on or before September 30, 2020, for release of Q1 results for which the company will give the intimation separately in due course.

Further, Vedanta said, "the Trading Window shall continue to remain closed for dealing in securities of the Company for all Designated Persons from Wednesday, July 01, 2020, till 48 hours from the declaration of Q1 results."

On Wednesday, Vedanta stock was trading at Rs133.80 per piece surging by 1.90% on Sensex at around 10.80 AM. The stock has surged as much as 2.32% on Sensex with an intraday high of Rs134.35 per piece in early deals.

During March 2020 (Q4FY20) quarter, Vedanta had recorded a net loss of Rs12,521cr compared to a net profit of Rs2,615cr in the corresponding period of the previous year. In Q4FY20, the company's net sales decreased by 16% to Rs19,513cr against Rs23,092cr a year ago same period. 

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