Page 16 - Vedanta

Vedanta Ltd acquires two critical mineral blocks in Karnataka, Bihar

Vedanta Ltd on Sunday said that it has bagged two critical mineral blocks which were put on sale. The blocks are in Karnataka and Bihar, the company said in a filing to the BSE. "The company has been declared as preferred bidder' for the Gollarahatti-Mallenahalli Nickel Chromium and PGE Block and Genjana Nickel, Chromium and PGE Block," the filing said. The mines ministry has put on sale the Gollarahatti-Mallenahalli Nickel Chromium and PGE Block in Karnataka -- at G4 level of exploration and Genjana Nickel -- Chromium and PGE Block in Bihar, which is at G3 level of exploration. The exploration for any mineral deposit involves four stages -- reconnaissance survey (G4), preliminary exploration (G3), general exploration (G2) and detailed exploration (G1). While one block was put on sale in the second round of critical minerals blocks auction the other one was put on auction in the third round.

Nippon MF, Morgan Stanley, SBI MF top bidders for Vedanta $1 billion QIP

These projects include the expansion of the aluminium smelter and refinery, investment in new oil and gas blocks, and expansion of the steel and iron ore businesses

Vedanta raises $1 bn via QIP; Goldman, Morgan Stanley among top investors

Mining conglomerate Vedanta Limited raised Rs 8,500 crore (over USD 1 billion) through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share, according to a stock exchange filing by the company. The issue, which closed on July 19, implied a discount of 4.61 per cent to the floor price of Rs 461.26 per equity share. In a stock exchange filing, Vedanta said it sold 19.31 crore shares to raise Rs 8,500 crore. Some of the marquee investors that have been allotted equity shares through the QIP include Abu Dhabi Investment Authority (ADIA), Goldman Sachs AMC, Nippon Mutual Fund, SBI Mutual Fund, UTI Mutual Fund, ICICI Mutual Fund, Aditya Birla Mutual Fund and Mirae Mutual Fund. Various funds run by Nippon Mutual Fund were allotted 9.11 per cent of the total issue size, while funds managed by Morgan Stanley and SBI Mutual Fund received 8.62 per cent and 7.88 per cent, respectively. Speaking on the occasion, Vedanta chairman Anil Agarwal

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

Stocks to watch, July 16: Vedanta, HUL, Lupin, SpiceJet, Jio Fin Services

At 6:40 AM, GIFT Nifty futures traded steady at 24,620, indicating a subdued start for the markets.

Vedanta to raise Rs 8,500 cr via QIP at floor price of Rs 461 per share

Mining conglomerate Vedanta Ltd on Monday announced the launch of its qualified institutional placement (QIP) issue at a floor price of Rs 461.26 apiece. The move aims at reducing debt and fulfilling certain capital expenditure obligations. "The committee of directors of the company has, at its meeting held today...inter alia, passed resolutions for ... authorising the opening of the issue today, i.e. July 15, 2024," Vedanta said in a filing to BSE. The committee approved the floor price for the issue at Rs 461.26 per equity share, the filing said. The floor price is marginally higher than Monday's closing price of Rs 459.40 per share on BSE. The company's board in May given its go-ahead to raise up to Rs 8,500 crore through issuance of securities. This fundraise was later approved by the shareholders. Vedanta Resources, the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, does not foresee a rollover of its loans and plans to deleverage as much as USD 3 billion debt o

Vedanta going ahead with demerger of businesses, says Anil Agarwal

Vedanta Chairman Anil Agarwal on Wednesday said that the company is going ahead with the proposed demerger of its businesses that will lead to formation of six firms and unlocking of massive value. The company has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies. Addressing shareholders during the 59th Annual General Meeting, the Chairman said, "We are going ahead with the demerger of our businesses, which will lead to the creation of 6 strong companies, each a Vedanta in its own right. This will unlock massive value." Each demerged entity, he said, will plan its own course but follow Vedanta's core values, its enterprising spirit and global leadership. "As we stand on the brink of an amazing transformation, our josh is high," Agarwal said, adding, "the demerger will lend speed to our journey." Each entity will have more independence with regar

Have arranged $250 million to settle Zambian copper mine debts: Vedanta

The miner owned by Indian billionaire Anil Agarwal will about the $250 million it needs to pay small creditors in Zambia on or around July 8, it said in a statement.

Vedanta, Tata Steel, LT Fin, Brigade Ent among top buzzing stocks on July 4

Stocks to Watch today, July 4, 2024: L&T Finance's retail disbursements increased by 33 per cent Y-o-Y to Rs 14,830 crore in the June quarter (Q1-FY25)

Vedanta reports rise in production of aluminium, iron ore, zinc in Q1

Mining giant Vedanta Ltd on Wednesday reported a rise in production of aluminium, zinc, iron ore and steel in the June quarter. However, the production of mined metal at overseas and oil and gas dropped during the quarter. In a filing to the BSE, the company said the aluminium output grew 3 per cent to 5,96,000 tonnes in the first quarter over the year-ago period, Vedanta said in a filing to BSE. At Zinc India, the saleable metal output grew to 2,62,000 tonnes over 2,60,000 tones. While at Zinc International the mined metal output dropped to 38,000 tonnes, over 68,000 tonnes in the first quarter of FY24. Meanwhile, oil and gas output dropped 17 per cent to 112,400 average daily gross operated production (boepd) during the quarter from 134,900 boepd a year earlier. The production of saleable iron ore rose to 1.3 million tonnes over 1.2 million tonnes in the year-ago period. The total saleable steel production rose 10 per cent to 3,56,000 tonnes and power sales rose 13 per cent to

Hindustan Zinc committed to partner with India's auto firms, says CEO

Vedanta group firm Hindustan Zinc on Wednesday said it is committed to partner with the country's auto companies to "unlock zinc potential" and drive India's mobility. Zinc's usage in the automotive sector, through galvanised steel, offers significant fuel and emission savings by providing high degree of corrosion resistance to lightweight steel bodies, ensuring durable, long-lasting vehicles with longer anti-perforation warranty against corrosion. "Our zinc solutions are not only cost-effective and adaptable for complex designs but also environmentally responsible, making zinc a key material for a cleaner and more sustainable tomorrow," Hindustan Zinc CEO Arun Misra was quoted as saying in a statement. The company -- the country's largest and the world's second-largest zinc producer -- recently showcased its extensive product offerings for the automotive sector at the fourth Automotive Component Manufacturers' Association (ACMA) Raw Material Conclave & Exhibition. The company ...

Court approves billionaire Anil Agarwal's plan to reclaim Zambia mine

To get access to the mine again, Vedanta now needs to follow the court ruling by releasing $250 million to settle debts that KCM owes to contractors and suppliers

Vedanta's share price surges 4% after raising Rs 2,500 cr via NCDs

Shares of Vedanta 3.6 per cent at Rs 458.75 on the BSE in Friday's intraday deals

Promoter entity Finsider International sells entire 2.6% stake in Vedanta

Finsider International is a unit of Anil Agarwal-led Vedanta Resources, whose debt stood at around $6 bn as of March 31

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 mulls first dollar bond sale of $500 mn in debut overseas issuance

The company is also exploring other avenues of fundraising, including equity sales and local currency loans from domestic banks, the people said

Vedanta Group biggest wealth creator in FY25; adds over Rs 2.2 trn in mcap

Vedanta Group comprising, Vedanta Ltd and Hindustan Zinc Ltd, have generated the maximum wealth for investors on the Dalal Street in the current fiscal so far, with the combined market valuation of both firms surging by Rs 2.2 lakh crore. The market capitalisation of the Vedanta Group surged by over Rs 2.2 lakh crore between March 28 and June 20, 2024, according to stock exchange data. This is higher than the market cap growth witnessed by leading Indian businesses like Reliance Industries, Mahindra Group, and the Tata Group during the same period. Share prices of Vedanta and Hindustan Zinc have doubled from their 52-week lows, backed by multiple positives, including the proposed demerger, the management's consistent focus on deleveraging, and significant improvement in earnings, as per stock exchange data. In comparison, Adani and Mahindra groups saw their market cap rise by Rs 1.4 lakh crore each. While Tata Group's market cap rose by over Rs 60,600 crore, heavyweight RIL's mark

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

Vedanta Resources proposes to cut debt by $3 bln over next three years

Vedanta Resources, whose debt stood at $6 billion as of March 2024, has been grappling with a host of rating downgrades since last year as analysts flagged liquidity issues and high default risk