June 1, 2018 / 7:07 AM / in a year

BUZZ-India's Vedanta gains as court allows petition on block contract extension

** Vedanta Ltd shares rise as much as 4.1 pct to 258.40 rupees, biggest intraday pct gain since April 19

** Copper and aluminium producer says Delhi High Court allows petition directing Indian govt to extend production-sharing contract for Rajasthan block by 10 yrs on same terms, conditions

** Vedanta says court directs govt to communicate decision within two weeks

** More than 10 mln shares traded vs their 30-day moving avg volume of 13.7 mln

** Eighteen of 20 brokerages rate the stock “buy” or higher, 2 “hold”; their median PT is 377.50 rupees, according to Thomson Reuters data

** Vedanta stock had taken a beating over the past one week after more than a dozen people were killed in police firing in southern state of Tamil Nadu as agitations seeking closure of a Vedanta copper smelter turned violent; plant was eventually shut by state govt

** Stock has fallen 24.7 pct this year compared with 8.8 pct decline in Nifty Metal index

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