Vedanta Q3 results: Phillip Capital expects Vedanta to report a 30 per cent YoY drop in net profit at Rs 1,097.40 crore compared with Rs 1,561 crore in the same quarter last year.
Vedanta shares advanced 4.14 per cent to Rs 262.60. Tata Steel shares were up 3.77 per cent at Rs 135. Coal India, JSW Steel, JSL and Jindal Steel gained up to 3 per cent.
S&P Global Ratings reduced Vedanta s issuer rating to "SD" or "selective default" from "CC," indicating the agency believes the company has defaulted on some payments but will meet its other obligations on time. The cut comes after Moody s downgraded the miner s corporate family rating and senior unsecured bonds earlier this week.
Vedanta share price: The real issue for the stock’s underperformance, Nuvama said, has been the continuous overhang of parent company’s debt, whose repayment has now been deferred to FY27.