Vedanta, Cairn India gain after completion of merger

Shares of Vedanta and Cairn India rose by over 2 per cent today after completion of their merger.
Vedanta's scrip gained 2.18 per cent to close at Rs 258.25 on BSE. During the day, it jumped 3.89 per cent to Rs 262.60.
Cairn India also rose by 1.68 per cent to end at Rs 309. Intra-day, it went up by 3 per cent to Rs 313.05.
The merger of Cairn India into its debt-ridden parent Vedanta Ltd is now complete, the two firms announced yesterday.
"This merger consolidates Vedanta's position as one of the world's largest diversified natural resources companies, with world-class, low-cost assets in metals and mining and oil and gas," a statement by the two firms said.

The two companies announced plans of the merger in June 2016, which would give the metals and mining company Vedanta access to the cash of Cairn India, helping it cut debt.