Vedanta stocks gained 1.40 points after Volvo partnership announcement!

Vedanta’s Iron Ore Karnataka has partnered with Volvo CE to deploy zero-emission electric off-road machines at its mines in Chitradurga in Karnataka. Partnering with Volvo will help the company accelerate its journey towards achieving carbon neutrality. 

As part of the partnership, Vedanta Iron Ore Karnataka (IOK) has deployed Volvo’s EC55 all-electric excavator and its subsidiary SDLG’s L956H electric wheel loader for its iron ore mining operations in the state on a trial basis. 

Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc-lead-silver, copper, iron ore, aluminium, and commercial power. The company supplies natural resources that help the world grow. The company’s major products are zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil, and gas. 

The company’s strategic capabilities and alliances are singularly focused on creating and preserving value for its wide stakeholder groups and its clientele. It has a portfolio of world-class, low-cost, scalable assets that consistently generate strong profitability and have robust cash flows. The company holds industry-leading market shares across its core divisions. 

Shares of Vedanta are currently trading at Rs 279.70, up by 1.40 points or 0.72% from its previous closing of Rs 278.30 on the BSE. The scrip opened at Rs 279.90 and touched a high and low of Rs 280.50 and Rs 278.05 respectively. So far 722 shares were traded on the counter. 

The BSE group ‘A’ stock of face value of Rs 1 has touched a 52-week high of Rs 340.75 on Jan 20, 2023, and a 52-week low of Rs 206.10 on Jul 1, 2022. Last one week high and low of the scrip stood at Rs 281.20 and Rs 276.35 respectively. The current market cap of the company is Rs 1,04,118.68 crore. 

The promoters holding in the company stood at 68.11%, while Institutions and Non-Institutions held 18.16% and 13.73% respectively.