Vedanta gains 6% after NGT orders reopening of Sterlite copper plant

The stock was up 6% to Rs 214 on the BSE in early morning trade after the National Green Tribunal ordered reopening of the company's copper plant.

Shares of Vedanta surged 6% to Rs 214 on the BSE in early morning trade after the National Green Tribunal (NGT) ordered reopening of the company’s copper plant.

“The NGT vide its order dated December 15, 2018 has allowed us to resume operations of our Copper Smelter at Thoothukudi and directed the Tamil Nadu Pollution Control Board (TNPCB) to pass fresh order of renewal of consent and restoration of electricity supply for our operations within 3 weeks from the date of the order,” Vedanta said in a regulatory filing on Saturday.

Following the order, Sterlite said it would study the order in detail and take all steps required to restart the operations in accordance with the NGT guidelines. Vedanta group’s Sterlite Copper plant at Toothukudi caters to 35-40% of the country’s copper demand.

The Tamil Nadu government, on the other hand, said it would challenge the NGT order in the Supreme Court.

The stock hit a 52-week low of Rs 190 on December 11, 2018, correcting 47% from its 52-week high of Rs 356 touched on January 29 this year.

At 09:25 am, Vedanta was trading 4.4% higher at Rs 210 on the BSE, as compared to 0.58% rise in the S&P BSE Sensex. A combined 6.3 million equity shares changed hands on the counter on the BSE and NSE so far.