Sesa Sterlite gains; Moody's upgrades Vedanta

Reuters Market Eye - Shares in Sesa Sterlite Ltd and Hindustan Zinc gain after Moody's Investors Service upgraded its outlook for parent company Vedanta Resources Plc to "stable" from "negative" .

Moody's said Vedanta has taken steps to improve its credit profile, simplifying its group structure through the formation of Sesa Sterlite - the result of a merger between Sesa Goa and Sterlite Industries - and through its more proactive approach to refinancing debt.

Moody's has a "Ba1" corporate rating on Vedanta and a "Ba3" rating on the miner's senior unsecured debt.

Shares in Sesa gained nearly 1 percent while Hindustan Zinc was up 0.3 percent at 1:19 p.m.

 

(Reporting by Indulal PM)