VEDL

Three recently listed Vedanta Group companies witnessed profit booking for the second consecutive session on July 6, with shares declining by as much as 9%. Vedanta Oil & Gas was the biggest loser, falling 8% to Rs 39.26 per share. Meanwhile, Vedanta Iron & Steel and Vedanta Power declined 5% and 5.5%, respectively. Vedanta Oil & Gas reported a weaker operational performance for the first quarter. The company's average daily gross production declined 17% year-on-year to 77.7 thousand barrels of oil equivalent per day (kboepd), compared with 93.2 kboepd in the corresponding quarter last year. Total oil and gas production also fell 17% to 7.1 million barrels of oil equivalent, down from 8.5 million barrels in the same period of the previous financial year. In contrast, Vedanta Iron & Steel posted modest growth in its first-quarter operating performance. Salable iron ore production increased 4% year-on-year to 2.6 million dry metric tonnes (DMT), compared with 2.5 million DMT a year earlier, according to an exchange filing. Production from the company's iron ore mines in Goa and Odisha registered healthy growth. However, output from Karnataka declined 46%, limiting the overall increase in iron ore production. On the steel front, saleable steel production rose 4% to 582 kilotonnes from 562 kilotonnes in the year-ago quarter. Separately, Vedanta Oil & Gas Limited received an ICRA AA+ (Stable) rating for its long-term fund-based term loan, highlighting the company's strong financial profile, operational resilience, and established credit quality. The company's portfolio is anchored by its Rajasthan (RJ-ON-90/1) block, which remains the primary contributor to production and cash flows. Additional producing assets, including Ravva and Cambay, continue to support its overall production base.