Shares of Vedanta Ltd are in focus today after Vedanta Group said the company's subsidiary, Malco Energy Limited, has set up a new unit in Saudi Arabia for copper business for SAR (saudi riyal) 1,00,000. The newly incorporated unit has been named 'Vedanta Copper International VCI Company Limited', according to an exchange filing by the company. In the preopening session, the metal stock was trading 0.96% higher at Rs 243 on BSE.
Vedanta shares opened marginally higher at Rs 241.25 today against the previous close of Rs 240.70 on BSE. At 9:23 am, the stock was trding 1.33% lower at Rs 237.45 on BSE. Market cap of the firm fell to Rs 88,283 crore. A total of 0.83 lakh shares of the firm changed hands amounting to a turnover of Rs 1.97 crore on BSE.
In the last one month, the Vedanta stock has gained 6.43%. Vedanta shares have a one-year beta of 1.2, indicating high volatility during the period.
In terms of technicals, the relative strength index (RSI) of Vedanta stands at 60.3, signaling the stock is trading neither in the oversold nor in the overbought territory. Vedanta shares are trading higher than the 10 day, 20 day, 30 day, 50 day but lower than the 100 day, 150 day and 200 day moving averages.
Vedanta shares fell to a 52-week low of Rs 207.85 on September 28, 2023 and a 52-week high of Rs 340.75 on January 20, 2023. Vedanta shares have lost 24% this year and fallen 24.44% in a year.
Vedanta Ltd is a subsidiary of Vedanta Resources Ltd and has operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.
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