Page 15 - Vedanta

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 ...

Top 5 NSE 500 index high dividend yield stocks: Buy or sell strategy here

IDFC, Vedanta and oil marketing stocks among top dividend yield NSE 500 companies; Technical charts suggest up to 14% upside for these stocks; track these key levels.

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

Stocks to watch today, August 16, 2024: GIFT Nifty indicates a positive start for the benchmark equity indices on Friday. Here is the list of buzzing stocks to watch during today's trading session

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

Hindustan Zinc OFS base price set at Rs 486; 15.2% below firm's last close

Share sale by Vedanta to fetch Rs 6,500 cr

Vedanta raises OFS size of Hindustan Zinc, set to offload 3.31% stake

Mining conglomerate Vedanta on Wednesday said it has raised the offer-for-sale size of Hindustan Zinc and will now offload 3.31 per cent stake in the company, representing up to 14 crore shares. On Tuesday, the Vedanta board approved the sale of up to 11 crore shares or 2.60 per cent stake in Hindustan Zinc through offer-for-sale (OFS). "The duly authorised Committee of Directors of Vedanta Ltd , at its meeting held on August 14, 2024, has approved the sale of up to 14,00,00,000 equity shares of Hindustan Zinc Ltd (HZL), representing 3.31 per cent of the issued and paid-up equity share capital of HZL, by way of an offer-for-sale," Vedanta said in a filing to BSE. At Wednesday's closing price of Rs 572.95 apiece on BSE, the sale of HZL's 14 crore shares will fetch Vedanta Rs 8,021 crore. At 11 crore shares, the amount would have been Rs 6,302 crore. At the end of the June quarter, Vedanta owned 64.92 per cent stake in HZL while the government had 29.54 per cent. Vedanta plans to .

Metal shares fall on adverse SC ruling; Tata Steel, Vedanta drop up to 6%

The Supreme Court ruled in favor of the State governments' authority to levy taxes on mineral rights.

Hindustan Zinc dips 4% as Vedanta board okays 2.6% stake sale via OFS

Meanwhile, Hindustan Zinc has dismissed rumours of Rs 6,000 crore worth special dividend.

Vedanta board okays 2.6% OFS worth Rs 6,450 crore in Hindustan Zinc

Company to offload stake through the stock exchange route

Has Vedanta put its steel business sale on hold after $1 bn share boost?

Vedanta may revisit the sale in the future but will prioritise investments in sectors like electronics and semiconductors