LONDON Nov 7 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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It remains to be seen whether Nifty will be able to break the 8,100 mark during October. With major events out of the way, the next trigger will be the Q2 FY16 earnings season which is expected to kick off next week. It is advisable for the investors to continue building their equity portfolio by utilising market volatility as an opportunity, writes Ambareesh Baliga. Full Article