Shares of Vedanta hit near 3-year high as Q1 profit has doubled.

The stock rose as much as 2.8 per cent to Rs 281.85 in early trade. The stock had hit its highest since September 25, 2014, and was the top percentage gainer on the NSE index.

The company had said on Tuesday its Q1 consolidated profit more than doubled to Rs 1,525 crore ($236.70 milion), driven by better margins from its zinc operations.

Analysts expect Vedanta's zinc business to significantly transform further in CY 2018, with its aluminium business also expected to be a major driver.

As of Tuesday's close, the stock was up 27 per cent so far in the year.