Vedanta chief buys again – MoneyWeek

Atthepricehepaidforeachshareinhislatestpurchase,hisholdingisworthmorethan£3bn。

HislatestboutofbuyingactivitycomesafterVedantamovedintotheoilbusiness,takinga51%stakeinScottishoilcompanyCairnEnergysIndianbusinessfor$8。

5bn(£5。

4bn)。

VedantajustifieditsmoveoutoftheminingsectorbysayingthatitisadiversifiednaturalresourcesgroupwithitsprimaryoperationsinIndia。

AgarwalsaidthepurchasewouldmakeVedantaanaturalresourceschampioninIndia。

CairnIndiasRajasthanassetisworldclassintermsofscaleandcost,deliveringstrongandgrowingcashflow,hesaid。

Thecompanyhasaprovenmanagementteamandverysignificantfurtherresourcepotential。

Vedantassharepricehasbeenhelpedbyasharpimprovementincopperpricessincetheeconomicdownturnof2008-2009。

Lastmonthitposteda123。

5%riseinearningsinthefirstquarterfromthesameperiodthepreviousyear。

Non-executivedirectorsatthelaundryandworkweargroupDavisServiceGrouphavebeenaddingtotheirstakesinthecompany。

DavidLowden,IainFergusonandAndrewWood,whoalljoinedtheboardonMarch1,spentabout£75,000,£57,000and£50,000respectively,anannouncementtodayrevealed。

OnFridaythesamedayDavissaidpostedaslightincreaseinprofitsinthehalfyeartoJune30,Lowden,aformerchiefexecutiveofthemarketresearcherTaylorNelsonSofres,took20,000sharesatjustover377patimeandWood,whoinAprilretiredasfinancedirectorofaircraftservicesgroupBBAAviation,took13,000at374。

3pago。

Ferguson,whousedtobeexecutivechairmanoffoodgiantUnileversBirdsEyeWallsdivision,todaytook15,000sharesat378。

6patime。

DavissrevenueintheNordicregionrose4%to£171。

9mandadjustedoperatingprofitby10%to£25。

3m。

whilesalesincreasedby1%intheUKIrelandto£195。

6mandprofitgrew6%to£17。

4m。

Butrevenuewasdown2%ontheContinentat£121mandprofitfellslightlyto£15。

4m。

DavisoperatesSunlight,asupplieroftextilerentalandlaunderingservicesandaproviderofclinicalproductsandservicestothehealthcareindustry,intheUKandIreland。

Onthecontinent,itoperatestheBerendsenbrand。

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