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Indian miner Vedanta tops Q2 profit view on greater metals rates

Indian miner Vedanta Ltd. published a biggerthanexpected secondquarter earnings on Friday. buoyed by greater metals costs even as demand was sluggish.

The conglomerate, led by billionaire Anil Agarwal, reported. combined net earnings of 43.52 billion rupees (about $516. million) for the September quarter, which exceeded analysts'. typical quote of 23.67 billion rupees, based on data assembled. by LSEG.

Vedanta had published a loss of 17.83 billion rupees in the. year-ago duration, as it paid a total of 84.56 billion rupees in. tax, including a one-time charge for minimum alternate tax.

In the reporting quarter, Vedanta took advantage of greater. rates of aluminium, zinc and copper, its biggest organizations.

Domestic aluminium costs rose 10.7% in the July-September. quarter, while copper costs and zinc rates rose 11.7% and. 14.4%, based on Systematix Institutional Research.

The benchmark aluminium, copper and zinc. rates on the London Metal Exchange reinforced on a. weaker U.S. dollar and expectations of financial healing in. major consumer China following a barrage of stimulus measures.

Greater commodity rates tend to raise asking price and. margins for mining companies.

Vedanta Aluminium, which is the nation's biggest manufacturer. of the metal, reported a 15% rise in pre-tax revenue to 137.34. billion rupees. The company's copper and zinc businesses. reported 38% and 21% pre-tax earnings development, respectively.

Profits from operations dipped 3.6% to 371.71 billion rupees. amidst controlled domestic need as above-average rains slowed. activity in the construction and vehicle sectors.

Costs increased 1.6% to 331.69 billion rupees.

Vedanta's system, Hindustan Zinc reported a profit. beat on higher zinc costs, last month.

Separately, Vedanta stated it will invest 118.16 billion. rupees ($ 1.40 billion) to ramp up smelter and wire rod capability. and will money the investments via internal accruals and debt.

It also authorized capex worth 52.09 billion rupees for the. acquisition and growth of Athena Chhattisgarh Power Plant. Job.

(source: Reuters)