Vedanta streamlining efforts on track, H1 profit climbs
LONDON Nov 7 (Reuters) - India-focused miner Vedanta said on Wednesday that efforts to streamline its sprawling structure were on track to complete this year, brushing off fears of a delay as it reported an almost 50 percent jump in first-half core profit.
Vedanta said earnings before interest, tax, depreciation and amortisation (EBITDA) for the six months to the end of September came in at $2.6 billion, exactly in line with market forecasts, as Cairn India, acquired last year, offset the impact of weaker profits from zinc and iron ore.
Vedanta's iron ore production has been hit by a year-long ban on mining in the Indian state of Karnataka and more recent restrictions on the transport and extraction of iron ore in Goa, India's second-biggest iron ore producing state.
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India's economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates. Full Article