Sesa Goa Ltd., India’s biggest iron-ore exporter, gained the most in a week in Mumbai trading after fourth-quarter profit beat analysts’ estimates.
The shares gained as much as 2.7 percent to 187.35 rupees, the most since April 17, and traded at 187.20 rupees as of 9:22 a.m. local time. The benchmark Sensitive Index was little changed. The stock has gained 14 percent this year, compared with an 11 percent increase in the key index.
Group net income fell to 11.6 billion rupees ($220.5 million) in the three months ended March 31 from 14.6 billion rupees a year earlier, the Panaji, Goa-based unit of Vedanta Resources Plc said yesterday in a statement after the market closed. The median profit estimate of 25 analysts surveyed by Bloomberg was 10.4 billion rupees. Sales declined 23 percent to 30.3 billion rupees.
The company’s net reserve and resources jumped 22 percent in the last fiscal year in the western and southern states of Goa and Karnataka, respectively. Iron ore deposits at Sesa’s mine in Liberia may have a “significant potential upside to the existing resource base of 1 billion tons,” it said in the statement.
Billionaire Anil Agarwal’s Vedanta Resources will combine its publicly traded Indian units into a new company, the London-based company said on Feb. 25. Sesa will absorb Sterlite Industries (India) Ltd. in an all-share deal.