Vedanta Limited

Vedanta to set up aluminium park in Odisha's Jharsuguda over 253 acres

Vedanta Ltd on Monday said it will set up a modern aluminium park in Odisha's Jharsuguda, close to its aluminium smelter. Spanning over 253 acres, the park will attract more than 100 micro, small and medium enterprises (MSMEs) and generate 2 lakh employment opportunities, the company said in a statement. Vedanta would invest Rs 1 lakh crore for setting up of the park and an aluminium plant of 3 million tonnes per annum (MTPA) capacity in Rayagada district, it said. Our journey in Odisha has been nothing short of transformative. From breaking barriers with the country's first women-operated potline to fostering sustainable growth through our skill development and environmental initiatives, we are deeply committed to shaping Odisha's bright future, said Vedanta Aluminium's chief operating officer (COO), Sunil Gupta. Our latest investment of Rs 1 lakh crore is a testament to our enduring belief in the state's potential to lead India's industrial revolution, he said. At the Utkarsh ..

Newly demerged Vedanta cos could grow into $100 bn each: Agarwal

Vedanta Ltd Chairman Anil Agarwal on Monday reaffirmed the company's commitment to unlocking value, saying the four new companies that will emerge from the demerger, have the potential to grow into USD 100 billion companies each. The company's proposed demerger will create four independent natural resource-focused entities with management structures, capital frameworks, and strategic priorities. In a letter to shareholders, Agarwal highlighted the need for pure-play businesses and how the proposed demerger will help Vedanta achieve this. Vedanta plans to split the mining conglomerate into different businesses with a view to simplify the group's structure and help manage its debt burden. Mining tycoon launched the plan to overhaul the business in 2023 after failing to take Vedanta private in 2020. According to Vedanta's demerger scheme, every Vedanta shareholder will receive 1 additional share in each of the 4 newly demerged companies on the completion of the demerger process. The

Analysts eye up to 53% upside in Vedanta share after Q3; CLSA ups target

The main drivers for Vedanta's positive outlook cited by analysts include strong performance in the aluminium, zinc, and oil segments, cost management efforts, and the ongoing capex plans

Vedanta Q3 Preview: Here's what to expect from mining major in December qtr

A day ahead of the results, Vedanta shares were in demand, as the scrip rose up to 1.62 per cent to hit an intraday high of Rs 437.60

Vedanta creditors likely to meet in February to approve business split

Vedanta plans to divide its business into units focused on aluminum, oil & gas, power, steel and finally semiconductors, which will be left in the original business with electronics and copper assets

Vedanta board to declare 4th interim dividend on Dec 16; share price up 2%

The uptick in the Vedanta share price came after the company announced that the Board will meet on Monday, December 16, 2024, to consider and approve the Fourth Interim Dividend on equity shares

Crisil upgrades rating on Vedanta's long-term debt instruments to 'AA'

Vedanta Ltd on Tuesday said that Crisil Ratings Ltd has upgraded its rating on the company's long-term bank facilities and debt instruments. Improved capital structure, better financial flexibility and strong volume growth are the key reasons for the upgrade. Crisil has upgraded its rating on Vedanta's long-term bank facilities and debt instruments to AA from 'AA-', the rating agency said. "The rating upgrade factors the expected material improvement in the consolidated operating profitability (earnings before interest, tax, depreciation and amortisation or Ebitda) of Vedanta along with improved capital structure with reduction in debt and leverage to below rating thresholds," Crisil said in its rating rationale. This is the second upgrade for Vedanta by a major credit agency in the last three months. In September, ICRA had upgraded Vedanta Ltd's long-term credit rating to AA from AA-, citing company's strengthened credit profile. UK-based Vedanta Resources, the parent of India's

Here's why Nifty Metal index rose over 1% on November 26; details inside

At 11:52 AM, 12 of the 15 stocks in the Nifty Metal Index were trading in the green, while three remained in the red

Vedanta Q2 results: Mining co swings into black, posts Rs 4,352 cr profit

The company's revenue from operations, or topline, dropped 3.4 per cent annually to Rs 37,634 crore, from Rs 38,945 crore in the same quarter last year (Q2FY24)

Ajit Mishra of Religare Broking suggests buying these three stocks on Nov 7

The Nifty has retested resistance at the 24,500 mark after two days of recovery, and sustaining this level could lead to a further rise toward 24,800

Vedanta Resources gets $900 mn via first dollar bond issue to prepay loans

Vedanta Resources, the parent firm of mining conglomerate Vedanta Ltd, on Wednesday raised USD 900 million in its first dollar bond issue in more than two years to prepay existing bonds. In a statement, the firm said it has raised UDS 900 million at a coupon rate of 10.875 per cent in the five-year US dollar-denominated bond. "The net proceeds from the offering of the bonds will be used to repay certain of Vedanta's existing bonds (including any accrued interest thereto) and to pay any related transaction costs in connection thereto," it said. This is the first US dollar bond issued by Vedanta since February 2021. The bond received final orders of USD 1.45 billion from investors across the globe representing an oversubscription of over 1.6 times, reinforcing the confidence of these investors in the Vedanta story, the statement said. "The final allocation of the bonds represented the broad-based support which Vedanta enjoys, including 41 per cent from Asia, 24 per cent from EMEA an

Demerger of Vedanta's key businesses likely to happen by end of FY25

The demerger of mining conglomerate Vedanta Ltd's key businesses, including aluminium, into separate listed companies is expected by the end of FY25, a top official of the company said on Wednesday. Vedanta Ltd has filed an application for its demerger scheme before the National Company Law Tribunal (NCLT) after receiving a nod from lenders. Asked when is the demerger happening, John Slaven, CEO of aluminium business of Vedanta, said, "it's not within our control. It's the NCLT process. They typically take, I don't know, four to six months, to run that process. So by end of this fiscal year, by the end of this fiscal year (I see it happening)." Slaven was speaking during the launch of Vedanta Aluminum's two new products for power sector. The first product offers superior electrical conductivity, making it ideal for remelting. The second product is the electrical conductor grade wire rod, designed for winding strip applications with a balance of strength, conductivity, workability,

Display glass biz likely to grow 10 times with AvanStrate Inc, says Vedanta

Vedanta Limited on Wednesday said its display glass business is expected to grow 10-fold, following the consolidation of its holding in AvanStrate Inc. Vedanta Ltd, in May this year, announced the acquisition of an additional 46.57 per cent stake in AvanStrate Inc, taking its total holding in the Japanese display glass manufacturer to about 98 per cent. ASI is now fully managed and controlled by Vedanta Limited and free from any external debt, according to a release. "Vedanta Limited announced that the display glass business is set to grow 10x after consolidating its holding in AvanStrate Inc. (ASI), a Japanese display glass manufacturer, to 98 per cent, following the acquisition of 46.57 per cent equity from Hoya Corporation," the release said. According to the release, ASI is set to drive innovation and expansion, focusing on the future of high-tech display and glass substrate manufacturing. ASI, the release further said, is well-positioned to strengthen its role in the global .

Vedanta board approves 3rd dividend of Rs 7,821 cr for Rs 20 per share

Anil Agarwal-led Vedanta on Monday approved a third dividend of Rs 20 per share for the current financial year, taking the total dividend payout so far for FY25 to Rs 13,474 crore. On July 26, the board approved a second interim dividend of Rs 4 per equity share, amounting to Rs 1,564 crore. In May, a first interim dividend of Rs 11 per equity share, totalling Rs 4,089 crore was approved. "The board of directors of Vedanta Ltd at its meeting held on September 2, 2024, has considered and approved the third interim dividend of Rs 20 per equity share on the face value of Re 1 per equity share for financial year 2024-25 amounting to Rs 7,821 crore," Vedanta said in a filing to BSE. This takes the total dividend for 2024-25 so far to Rs 13,474 crore. Similarly, during 2023-24, Vedanta had declared a total interim dividend of Rs 29.5 per share, amounting to Rs 10,966 crore for shareholders. The steady flow of dividends and appreciation in capital for investors has helped in generating a

Vedanta gets clearance from BSE, NSE for proposed demerger into six firms

Mining conglomerate Vedanta Ltd on Wednesday said it has received clearances from leading exchanges BSE and NSE for its proposed demerger. The development assumes significance as it will pave the way for Vedanta's plan to split into six independent listed companies, including oil and gas and aluminium. "... BSE and NSE, vide their letters dated July 31, 2024 and July 30, 2024 respectively, have conveyed that they have 'no objections/no adverse observations', on the proposed scheme," Vedanta said in a regulatory filing. The company said that it will soon file an application with the National Company Law Tribunal (NCLT). "The scheme remains subject to receipt of other applicable statutory and regulatory approvals including inter alia from the National Company Law Tribunal and the respective shareholders and creditors, under applicable laws," the filing said. On Tuesday, Vedanta Ltd said it has received approvals from majority of its creditors for a proposed demerger of businesses, .

Vedanta Resources pays $246 mn dues to revive operations at Zambian mine

The miner, owned by billionaire Anil Agarwal, had in November 2023 regained control of the copper mines and smelter

Vedanta's QIP receives bids for Rs 23,000 cr against offer of Rs 8,000 cr

Mining conglomerate Vedanta Ltd's (Vedanta) qualified institutions placement (QIP) of Rs 8,000 crore got around three times subscription around Rs 23,000 crore, institutional brokers said. The QIP witnessed significant interest from Foreign Institutional Investors (FIIs), mutual funds, insurance companies and other investors. Prominent mutual funds like Nippon, ICICI Prudential, SBI, Mirae, and White Oak have put in bids in the offer, an institutional broker said. Apart from MFs, other investors include foreign portfolio investors and UHNIs from India. The QIP, which is likely to close on Friday, will enable the company to deleverage its balance sheet and fund growth projects. Vedanta's Committee of Directors authorised the opening date of QIP on July 15 with a floor price of Rs 461.26 per share for this issue. The company had in its May 15 stock exchange disclosure said the proceeds may be used for prepayment of the borrowings as well as funding growth opportunities. The mining

Vedanta Resources to sell 2.6% stake in Indian miner Vedanta in about-turn

Vedanta Resources will sell the stake through its unit Finsider International, which held a 2.63 per cent stake in Mumbai-listed Vedanta

Vedanta jumps 7% after board approves Rs 1,000-cr fund raise via NCDs

The rise in stock came after the board approved fundraising worth Rs 1,000 crore via non-convertible debentures (NCDs) on a private pavement basis

Vedanta to raise $120 million by issuing non-convertible debentures

In the past two months, Vedanta's board has already approved raising up to $300 mn through debentures