Page 13 - Vedanta

Vedanta plans to expand nickel sulphate production, to tap overseas demand

Unlike Japan and South Korea, India's electric vehicle market is still in its nascent stage

Vedanta climbs 2% on demerger timeline update, first dollar-bond issue

Vedanta's demerger of its businesses into six separate entities is likely to be completed by the end of FY25, while its parent raised $900 million in its first dollar bond issue

Vedanta urges govt to talk with Japan, S Korea to end nickel sulphate duty

Vedanta and some smaller firms turn nickel ores imported primarily from Australia, Indonesia and Turkey into nickel sulphate before shipping it to South Korea, Japan and other countries

HZL supplies zinc to country's heaviest transmission steel pole structure

Vedanta group firm Hindustan Zinc Ltd (HZL) on Tuesday said it has supplied zinc for the country's heaviest transmission steel pole structure weighing over 200 metric tonnes. The company said that its top-quality zinc has been used in the galvanization process for the transmission steel pole structure. The 400 kV (kilovolts) dual pole structure standing approximately 57 meters tall, underwent galvanisation process utilising a mix of Hindustan Zinc's low-dross jumbo special high grade zinc and special high grade (SHG) zinc ingots. The structure, designed and manufactured by Skipper Ltd, is part of the 400 kV Quad Moose DC Transmission Lines Project under the proposed Pinnapuram Integrated Renewable Energy with Storage Project in Andhra Pradesh, Hindustan Zinc said in a statement.

Vedanta to progress from being asset manager to asset owner: Anil Agarwal

The proposed demerger of Vedanta's diverse verticals that represent more than 15 commodities, will see the company progress from being asset managers to asset owners, Chairman Anil Agarwal has said. The proposed demerger will create independent companies housing aluminium, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and new incubated businesses will remain under Vedanta Ltd. "Our expansionary moves are aligned with our business model transformation. The upcoming demerger of our diverse verticals that represent more than 15 commodities, will see us progress from being asset managers to asset owners," Agarwal said in a latest report. As the company passes through the transition phase, Vedanta is focusing on consolidating and strengthening its asset base to emerge as world leaders in each of its verticals, the Chairman said. Diversified natural resources company Vedanta Ltd has filed the demerger scheme with the National Company Law .

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 .

ICRA upgrades Vedanta's long-term rating to AA on strong credit profile

Credit rating agency ICRA on Wednesday said that it has upgraded Vedanta Ltd's long-term credit rating, reflecting the company's strengthened credit profile. The long-term credit rating has been upgraded to AA from AA-. The long-term rating upgrade considers an expected improvement in the company's credit metrics, following the successful fund-raising worth USD 1 billion by the company via a qualified institutional placement (QIP) in July and an additional USD 400 million generated from the offer for sale (OFS) of Hindustan Zinc Ltd in August, ICRA said. This upgrade comes amidst significant developments at Vedanta Group that focuses on long-term strategic growth and financial strength. Vedanta Ltd has built a war chest exceeding Rs 22,000 crore, comprising mainly of existing cash reserves, stake sale and dividend from its subsidiary Hindustan Zinc Ltd. Vedanta Resources Ltd is also actively pursuing to refinance a substantial portion of its outstanding bonds, aiming to lower the

Vedanta board to meet next week to consider third interim dividend

Anil Agarwal-led Vedanta Ltd on Wednesday said its board will meet next week to consider and approve the third interim dividend for the ongoing financial year. Last month, the company approved the second interim dividend for 2024-25. "...the meeting of the board of directors of the company is proposed to be scheduled on Monday to consider and approve the third interim dividend on equity shares, if any, for the financial year 2024-25," Vedanta said in a filing to the BSE. Vedanta Ltd had in July approved a second interim dividend of Rs 4 per share for the current fiscal year. Vedanta Ltd has prepared a war chest of Rs 30,000 crore with recent funds raised through a qualified institutional placement (QIP), offer for sale (OFS) and dividend to pursue further deleveraging and growth, sources had said. Proceeds from the Rs 8,500-crore QIP of Vedanta Ltd, HZL's OFS of Rs 3,200 crore, and Rs 5,100 crore from the second interim dividend, coupled with existing cash reserves of Rs 13,000 cr

Vedanta to establish two not-for-profit industrial parks: Anil Agarwal

Industrialist Anil Agarwal states that an industrial park can greatly increase the competitiveness of manufacturing while bringing down the cost of transporting raw material

Industrials, energy conglomerates see double-digit churn in human capital

Flagship entities of groups such as L&T, Vedanta, Grasim & Adani reported double-digit employee turnover in FY24

Vedanta sets Rs 30,000 cr war chest to pursue further deleveraging, growth

Anil Agarwal-led Vedanta Ltd has prepared a war chest of Rs 30,000 crore with recent funds raised through a qualified institutional placement (QIP), offer for sale (OFS) and dividend to pursue further deleveraging and growth, sources said. Proceeds from the Rs 8,500-crore QIP of Vedanta Ltd, HZL's OFS of Rs 3,200 crore, and Rs 5,100 crore from the second interim dividend, coupled with existing cash reserves of Rs 13,000 crore, will lead to the creation of a Rs 30,000-crore war chest after the company receives all the funds, sources said. Vedanta may deploy this war chest for accelerated deleveraging of its balance sheet, improving capital structure, development of its transformational projects paving the way for its near-term USD 10-billion dollar EBITDA target and pursuing inorganic opportunities, an analyst said. Vedanta continued to deliver strong quarterly numbers. For the first quarter, profit after tax grew 54 per cent year-on-year (YoY) and more than doubled on a ...

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Hindustan Zinc shares jump 4% on dividend announcement of 950% for FY25

Hindustan Zinc has announced that its board declared a dividend of Rs 19 per equity share, or 950 per cent on the face value of Rs 2 per equity share, for FY25

After KCM revival, Vedanta seeks greener pastures in India, abroad

The conglomerate looks to start production from its Zambia mines by FY25 end, with plans to supply the Indian market

Vedanta estimated to have raised Rs 3,200 cr from OFS of subsidiary HZL

Mining conglomerate Vedanta Ltd is estimated to have raised around Rs 3,200 crore from the offer for sale (OFS) of subsidiary Hindustan Zinc Ltd. The offer for sale (OFS) of Vedanta group firm Hindustan Zinc Ltd received a strong response from retail and institutional investors, sources said. Vedanta is estimated to have received around Rs 3,200 crore from the OFS, they said. Vedanta will utilise the proceeds generated from the OFS for deleveraging its balance sheet and investment in its growth projects. This, coupled with the Rs 8,500 crore qualified institutional placement, will help bring down debt at the company as well as at the group level. Base issue size for retail investors was 51.44 lakh shares while total retail subscription is 93.82 lakh shares, or 1.8 times of the base issue size. For institutional investors, the base issue was 4.62 crore shares while total institutional subscription is 6.36 crore, or 1.4 times, sources said, adding that the total shares sold through

Hindustan Zinc plummets 6% as promoter Vedanta plans further stake sale

The stock price dipped after the company's promoter, Vedanta decided to further offload a 0.29 per cent stake in the company through its ongoing offer for sale (OFS)

Commodity major Hindustan Zinc offer for sale gets bids for Rs 3,150 crore

Promoter less than half of what Vedanta was eyeing

US court asks Vedanta-backed Sterlite Tech to pay $96.5 mn to Prysmian

An American court has ordered Vedanta Group-backed Sterlite Technologies' overseas arm to pay USD 96.5 million, about Rs 810 crore, in damages to US-based Prysmian for violating trade secrets norms, according to a regulatory filing and plaintiff's statement. Additionally, the court has awarded USD 200,000 penalty on Stephen Szymanski, Sterlite Technologies Inc (STI) Executive Vice President for Americas Region, for misappropriation of trade secrets of Prysmian. STI is the US subsidiary of Sterlite Technologies (STL) which has contested the judgement and may file an appeal against it. Prysmian in a statement said a South Carolina jury on August 9 ordered in favour of Prysmian following a three-week trial in the district court of Columbia, South Carolina. "The jury found that Sterlite was unjustly enriched by taking Prysmian's trade secrets and awarded USD 96.5 million in damages against Sterlite Technologies, Inc. In addition, the jury found that Stephen Szymanski had been unjustly

Stocks to Watch Today, Aug 16: Hindustan Zinc, SpiceJet, Ola Electric, M&M

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Hindustan Zinc slips 8% after Vedanta begins partial stake sale via OFS

Hindustan Zinc OFS: Vedanta will offload 3.2 per cent stake in HZL at a floor price of Rs 486 per share. This is at a 15-per cent discount to HZK's last closing price