Page 11 - Vedanta

Fitch upgrades Vedanta Resources' long-term ratings with stable outlook

Fitch has upgraded Vedanta Resources Ltd's (VRL) long-term foreign-currency issuer default rating following a "significant reduction" in the company's refinancing risks. The rating agency upgraded VRL's senior unsecured rating to 'B+' from 'B-' and also changed the outlook to stable, according to a statement. Besides, it has upgraded "the ratings on the USD 300 million June 2028 bonds and USD 500 million December 2031 bonds, issued by VRL's subsidiary Vedanta Resources Finance II Plc (VRF2), and unconditionally and irrevocably guaranteed by VRL, to 'B+' from 'B-' with Recovery Rating of 'RR4'," the statement said. The upgrade follows a significant reduction in VRL's refinancing risks, after it raised USD 1.1 billion in new bonds and received bank commitments for loans worth USD 350 million at the holding company, formed by VRL and other offshore investment holding companies owned by VRL, in January 2025, the statement said. Once the proceeds are used to refinance existing debt, the

Vedanta quotes higher for fifth straight trading day; surges 12% in 1 week

Vedanta's consolidated Ebitda is expected to increase to more than Rs 44,000-45,000 cr by the end of FY25 (Rs 36,455 cr in FY24), supported by favourable prices and cost reduction

Vedanta Resources raises $1.1 billion through dual tranche bond issuance

Mining mogul Anil Agarwal's Vedanta Resources has raised USD 1.1 billion through a new bond offering to prepay existing liabilities, the company said in a Singapore exchange filing. Vedanta Resources Finance II plc, a wholly owned subsidiary of Vedanta Resources, raised USD 1.1 billion through a new dual tranche issuance in international debt capital markets. Vedanta Resources Ltd (VRL) has raised USD 3.1 billion in USD bonds since September 2024. As per the exchange filing, the latest bond issuance consists of two tranches - a USD 550 million tranche of 5.5 years tenor at a 9.475 per cent interest rate and a USD 550 million tranche of 8.25 years tenor at a 9.850 per cent interest rate. Both tranches garnered strong investor demand with the bonds receiving final orders of USD 3.4 billion from over 135 accounts, representing an oversubscription of 3.1x, the company said. "The net proceeds from the offering of the Bonds will be used to prepay Vedanta's outstanding bonds (including a

Vedanta Aluminium says has reduced GHG emissions by 28.5% from FY12 to FY24

Vedanta Aluminium on Wednesday said it has reduced greenhouse gas (GHG) emissions intensity by 28.5 per cent between 2011-12 and 2023-24 fiscal years. "This achievement underscores the company's unwavering commitment to responsible environmental practices and its vision for a net-zero future," the company said in a statement. Vedanta Aluminium Chief Operating Officer Sunil Gupta said the company's commitment to achieving net-zero emissions by 2050 is reflected in the substantial reduction of GHG emissions and the firm's growing adoption of renewable energy. "Beyond environmental stewardship, we continue to empower local communities and foster sustainable industrial practices. These achievements underscore our leadership in sustainability and reaffirm our dedication to balancing growth with responsibility to people, the planet, and future generations," he said. These initiatives have impacted the lives of about 600,000 individuals across 269 villages in some of the most backward ...

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

Centre approves oil and gas exploration in Assam Wildlife Sanctuary area

The Centre's wildlife panel has approved a proposal to carry out oil and gas exploration in the eco-sensitive zone of the Hoollongapar Gibbon Wildlife Sanctuary in Assam's Jorhat district. The Standing Committee of the National Board for Wildlife (NBWL), chaired by Union Environment Minister Bhupender Yadav, approved the proposal by Vedanta Group's Cairn Oil & Gas during its meeting on December 21, according to the minutes of the meeting. Assam's principal chief conservator of forests (wildlife) and chief wildlife warden had recommended clearance for the project in August last year, citing "national interest". The Forest Advisory Committee of the Union Environment Ministry had also granted in-principle approval during its meeting on August 27 last year. According to the minutes of the NBWL meeting, a team comprising officials from the Union Environment Ministry, the Wildlife Institute of India (WII), and the Assam Forest Department inspected the project site, located about 13 km ..

Vedanta chairman Anil Agarwal acquires London's iconic Riverside studio

The founder and chairman of Vedanta Group Anil Agarwal is the new owner of the iconic Riverside Studio in London, announced a press release on Wednesday. The 100-year-old studio, which is a renowned global centre for arts and located on the north bank of the river Thames in the centre of London, will now operate under the name Anil Agarwal Riverside Studios Trust', it informed. "I have always believed that art has the power to transcend boundaries, unite people, and elevate human experience. Riverside Studios will become a premier global destination for showcasing Indian and global arts and culture. "I invite Indian artists and the film fraternity to showcase their artistic talent and cinematic depth at this world-renowned venue for a truly enriching experience. Global leaders from various spheres now have an opportunity to enthral the audience with their real-life experiences and journey, here," said Agarwal, who turned a tiny scrap metal business into London-headquartered Vedanta

Western Carriers India bags Rs 139 cr material handling order from Vedanta

Western Carriers India Ltd (WCIL), a Kolkata-based logistics firm, has secured a material handling order worth Rs 139 crore from Vedanta Ltd, the company said on Wednesday. The order entails an import, finished goods domestic and export material handling contract at Vedanta's Jharsuguda plant for a duration of four years, WCIL said in a statement. "The order strengthens our relationship with Vedanta. This order opens avenues for future projects within the mining and mineral sector," CEO of WCIL Kanishka Sethia said. As of March 31, 2024, WCIL reported sales of Rs 1,685 crore, a nearly 3 per cent increase from the previous year. The company's net profit stood at Rs 80.35 crore, translating to a 12-per cent on-year growth. In September, the company, founded in 1972, raised Rs 492 crore via its maiden IPO at a price of Rs 172 per share. At 3.16 pm, the stock was trading at Rs 122 per share on the NSE.

Stock Market Today: GIFT Nifty gains, Sensex rejig, Unimech IPO opens

Stock Market Today: Unimech Aerospace and Manufacturing IPO will open in the mainboard IPO category on December 23 till December 26, 2024

Dividend, Bonus: Vedanta, Mazagon Dock, 4 others to trade ex-date next week

Here is the complete list of stocks turning ex-date next week for their respective corporate actions, as per BSE data, along with key details

Aluminium seen as an outlier among metals; Hindalco better placed

The suspension of bauxite exports by Guinea in Oct'24 has tightened the alumina market

Vedanta to pay Rs 3,324 crore interim dividend to trim parent's debt pile

With the latest offer, the company's dividends have reached to about Rs 17,000 crore for the financial year through March 2025

Stock market crash: Dixon Tech, Ambuja, BHEL among stocks to buy on dips

Here are 5 F&O stocks that are trading with a PCR in excess of 1; Options data and technical charts suggest up to 14% upside for these stocks in the December series; key levels here.

Stocks to Watch, Dec 12: Jubilant FoodWorks, SBI, Vedanta, Swiggy, Emami

Stocks to Watch, Dec 12: From Swiggy to Jubilant Foodworks, here are some stocks that will be on investors radar today

Vedanta hits all time high, m-cap tops Rs 2 trn; up over 100% in a year

The stock price also reached global brokerage CLSA's and Motilal Oswal's target price of Rs 520 per share

Stocks to Watch, Dec 11: RIL, Adani Ports, Awfis Space, Maruti Suzuki, IOB

Stocks to Watch, Dec 11: From RIL to Awis Space Solutions, here is a list of stocks that will be in the spotlight today

Vedanta faces Rs 1.71 crore penalty in FY18 GST dispute over cenvat credit

Vedanta plans to challenge GST orders as it disputes penalties over transitional credit from FY18

Rajasthan Summit: Vedanta, top industrialists announce major investments

Kumar Mangalam spoke of the history of BITS Pilani, which his family founded almost a century ago. The institution has given thousands of dynamic leaders and entrepreneurs to the world

Vedanta soars 7% amid heavy volumes on healthy outlook

Last month, Vedanta said that demerger on track and in its final stages, with shareholder and creditor meetings scheduled in the coming months.

Stocks to Watch, Dec 4: Swiggy, Adani Group shares, Vedanta, GMR Airports

Stocks to Watch, Dec 4: From Adani Group to Swiggy, here is a list of stocks that will be in spotlight today