Vedanta settles with 8 pc gain on bourses amid volatile trade

In a volatile market, shares of Vedanta Ltd today settled for the day with gains of nearly eight per cent on the bourses after the company said it has raised Rs 2,000 crore from SBI through issue of NCDs.
The stock witnessed heavy volatility as it opened at Rs 83, but during the day fell to an intra-day low of Rs 76.70 and also touched a day's high of Rs 87.40, surging 8.90 per cent from its previous closing price on BSE.
The stock, however, failed to keep some of the gains and was quoted at Rs 86.45, up 7.73 per cent at the end of today's trading session.

Similar volatile movement was seen on National Stock Exchange, where the stock opened at Rs 83.10, but fell to an intra-day low of Rs 76.70 and then jumped 7.58 per cent to an intra-day high of Rs 87.25.
The stock finally settled for the day at Rs 86.20, up 6.29 per cent on NSE.
The mining conglomerate had raised Rs 2,000 crore from country's largest lender State Bank of India through issuance of Non-Convertible Debentures (NCDs).

Earlier this month, Vedanta, formerly Sesa Sterlite, had said that the issuance of NCDs is part of the overall debt refinancing of the firm to substitute short-term liabilities and/or to retire higher cost debt.

Meanwhile, the benchmark BSE Sensex, which opened in the positive zone rallied to touch day's high of 26,124.83 briefly, but slipped into the negative zone as selling pressure re-emerged and fell to a low of 25,298.42.
However, towards the middle of the day, it staged another comeback to close the session 290.82 points or 1.13 per cent higher at 26,032.38.