Vedanta firms up as operations unaffected during lock down

Vedanta in a regulatory filing after market hours yesterday announced that its manufacturing sites will remain operational.

The company said most of its operations are 'essential' or 'continuous' in nature. The company faced temporary disruptions largely driven by logistical bottlenecks but further assured that the issues will be resolved over the short term. This will eventually allow the company to return to full capacity in coming weeks, Vedanta said.

Further, the company said its mining operations, which manufacture essential commodities, and the oil & gas business will continue across all sites during the lock down imposed by the centre to contain the spread of Coronavirus.

This is in compliance with circular issued by the Ministry of Mines which states that the State Government should facilitate measures that would ensure continuity of operations of steel, aluminum, copper, cement and other such plants that require continuous process.

Shares of Vedanta were up 4.38% at Rs 64.3. Meanwhile, the S&P BSE Sensex was up 343.10 points or 1.21% at 28,783.42.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia and Australia. Vedanta is a leading producer of oil & gas, zinc, lead, silver, copper, iron ore, aluminum, steel and commercial power.

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