Page 17 - Vedanta

Vedanta soars 8%, hits 23-month high on heavy volumes; zooms 45% in 4 weeks

CLSA has upgraded the company's rating to 'buy' with an increased target price of Rs 390

Metal shares rally up to 10%; Hindustan Copper, SAIL hit over 12-year highs

The Nifty Metal index hit a new high at 8,984, and was up 2 per cent in Tuesday's intra-day deals. The index has surged 9 per cent in the last one month.

Blackrock, ADIA, domestic mutual funds increase holdings in Vedanta

The world's largest asset manager BlackRock, as well as the Abu Dhabi Investment Authority, along with domestic mutual funds like ICICI Mutual Fund and Nippon India Mutual Fund have increased their holdings in Vedanta by almost 2 per cent during the last four months, said market participants. At the same time, foreign institutional investors (FIIs) increased their stake in the conglomerate by 1.2 per cent during the corresponding period, they added. The recent rally in Vedanta share price on the back of demerger plans, deleveraging and soaring metal prices has led to a bullish call by domestic and international funds. "Vedanta has witnessed significant buying interest. Many foreign and domestic investors have increased their stake on the back of strong fundamentals," according to a dealer in a foreign brokerage house. This comes at a time when the Vedanta stock has surged almost 30 per cent, adding about USD 3 billion to its market capitalization since December. Shares of Vedanta

Vedanta's Priya Agarwal Hebbar joins elite WEF 2024 Young Global Leaders

The World Economic Forum has included 90 change-makers in its Young Global Leaders Class, each below 40 years of age and hailing from a diverse range of sectors

Vedanta commences mining operations in Goa's Bicholim mineral block

Vedanta on Thursday said it has commenced mining operations at Bicholim mineral block in Goa. The mining in Goa came to a grinding halt in March 2018 after the Supreme Court quashed 88 mining leases. "Heralding a new era of inclusive development, Vedanta Sesa Goa commenced mining operations at Bicholim Mineral Block- Block 1 in the state of Goa," the company said in a statement. Vedanta Limited had in 2022 emerged as a successful bidder for the mining block which was auctioned. Vedanta was the highest bidder with 63.55 per cent revenue for Bicholim Mining Block, spread over 485 hectares. According to the company, Bicholim Mineral Block is the first auctioned mine to become operational since 2018, when the Supreme Court imposed a blanket ban on mining in the coastal state. "Vedanta Sesa Goa's commencement of its operations in Goa's Bicholim Mineral Block signify a new chapter of collaboration between Vedanta and the state of Goa, reinforcing a shared vision for progress and prospe

Anil Agarwal-led Vedanta Group to raise $300 mn through debt securities

The Indian miner raised funds via non-convertible debentures thrice in fiscal year 2024, the latest being in December last year for 3,400 crore rupees

Vedanta Aluminium expands alumina capacity to 3.5 MT at Lanjigarh unit

Vedanta Aluminium on Wednesday said it has expanded its annual alumina refining capacity to 3.5 million tonnes at its Lanjigarh unit in Odisha. The alumina refining capacity earlier was 2 million tonnes per annum (MTPA), the company said in a statement. It plans to further increase alumina refining capacity to 5 MTPA, besides increasing aluminium production capacity to 3 MTPA from 2.37 MTPA at present, the Vedanta Group company said. Vedanta Aluminium CEO John Slaven said: "We expanded the capacity, which strengthens our raw material security and reduces costs for our Jharsuguda and BALCO aluminium smelters. It is a significant step towards 100 per cent vertical integration and strongly positions us for sustainable growth within the global aluminium market".

Vedanta gains 14% in five sessions. Here are four factors fuelling rally

Commodity major's stock has hit its highest level since February 2023

HDFC MF to restrict flows into realty index fund; Vedanta rallies 5%

Shares of the Anil Agarwal-led commodity major Vedanta have rallied over 10 per cent in the past one we­ek amid a rally in global metal prices on improved economic out­look for China

Vedanta debt to be divided among demerged companies in ratio of assets

Mining conglomerate Vedanta Ltd is on track for the demerger of its key businesses, including aluminium, into separate listed companies and allocation of debt across the demerged entities would be done in proportion to their assets, sources familiar with the matter said. Vedanta is in advanced stages of engagement with its lenders on the issue, and the process has proceeded smoothly, they said. There is clarity about the allocation of debt across entities after the demerger. "The debt will get divided amongst the resulting demerged entities in the ratio of assets getting allocated to them as per the prescribed rules and regulations," a senior company official said at a recently concluded investor event. Citing the example of Vedanta Aluminium, the official said the debt that would get allocated to the company would be in direct proportion to the book value of the assets held by it. This is to ensure that the transaction is tax-neutral. Vedanta had in September last year announced t

Vedanta lines up $6 billion across businesses to drive revenue growth

Mining conglomerate Vedanta Ltd will invest USD 6 billion across businesses that span from aluminium and zinc to iron ore, steel and oil and gas as it looks to add at least USD 2.5 billion to annual EBITDA, its executives said in an investor meeting. It has a pipeline of more than 50 active projects and expansions to drive growth, which is expected to generate incremental revenue of over USD 6 billion and boost EBITDA from an expected USD 5 billion in the current fiscal ending March 31 to USD 6 billion in the next and up to USD 7.5 billion by FY27, they added. Vedanta Chairman Anil Agarwal, according to a presentation made at the investor meeting, said the company "will get to a different level in the next 25 years". His brother and vice chairman Naveen Agarwal gave details of the plans. "Projects (are) under execution to deliver USD 7.5+ billion yearly EBITDA," he said, adding USD 6 billion is being invested across business verticals that will potentially yield incremental revenue

Electoral bonds data: Metal, mining giants focus on home ground Odisha

For Vedanta, All India Congress emerged as the second most donated party at Rs 125 crore, followed by BJD at Rs 40 crore

Govt rejects Hindustan Zinc's plans to split company into different units

Vedanta has a 64.9% stake in Hindustan Zinc

Projects pipeline in place to add $6 billion to topline, says Vedanta

Mining conglomerate Vedanta Ltd has a pipeline of more than 50 active projects and expansions to drive growth, which is expected to generate incremental revenue of over USD 6 billion and incremental USD 2.5-3 billion of annual EBITDA upon completion, a top company executive said at an investor event. These growth initiatives, which the company categorises into the 'Discovery' stage, 'Concept' stage and 'Execution' stage, are spread out across all Vedanta's business segments - aluminium, zinc, base metals, steel, copper and power. "We continuously explore options to create additional value at all our sites. We currently have several high-impact projects in execution mode, across all our businesses. These will further contribute to our cost leadership, while substantially increasing our operating capacities. These levers will help drive our EBITDA towards the stated target of USD 7.5 billion annually," the company's vice chairman Navin Agarwal said at the event. Vedanta is expecting a

Vedanta's Sterlite to transfer three power projects to GIC venture

The projects are still under development and the transfer into the Sterlite Grid 32 Ltd. joint venture has been agreed, the people said, asking not to be identified because the matter isn't public

Sensex ends 454 pts lower, Nifty holds 22K; Auto, IT, Power shares weigh

Market wrap on March 15, 2024: Mahindra & Mahindra was the major loser among auto stocks, down 5%; Among others shares of oil marketing companies declined up to 6 per cent post fuel price cut.

Vedanta's demerger plan may face hurdles from shareholders, creditors

Vedanta's plan to demerge its businesses into separate entities could face hurdles from its minority shareholders and creditors, according to a report. On September 29, the mining conglomerate announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities. "We maintain our view that VEDL's (Vedanta Ltd's) planned demerger of its other businesses could face major hurdles from minority shareholders and/or creditors, which may delay or derail the deal. There have been few updates on the demerger progress ever since it was announced in September 2023," Credit Sights, a FitchSolutions Company, said in its latest report. The report further said it will be a challenge for Hindustan Zinc Ltd (HZL) -- a Vedanta Group company -- to proceed with its proposed demerger as the company will be "unsuccessful" in getting the required 75 per cent shareholders' approval. Vedanta and the Centre, which owns a 29.5 per cent stake in HZL,

Cairn gave up right to claim interest: Vedanta to appeal against Sebi order

Billionaire Anil Agarwal's Vedanta Ltd on Wednesday said it will appeal against Sebi levying Rs 77.6 crore penalty for delay in paying dividends to its erstwhile shareholder, Cairn Energy, saying the UK firm had given up its right to claim interest when it settled a retrospective tax demand with the government. Sebi had on Tuesday ordered Vedanta to pay Rs 77.62 crore to Scottish explorer Cairn and also barred the firm's entire board, including his brother Navin and daughter Priya, from accessing the capital market for the same. "Vedanta Ltd will appeal the Sebi order before the appropriate forum," the firm said in a statement. Vedanta had in 2011 bought Cairn Energy's majority stake in its Indian arm, Cairn India Ltd. Cairn continued to hold a minority stake in Cairn India, which was subsequently merged into its parent and Mumbai-listed Vedanta Ltd. In 2014, the Income Tax department gave it powers to levy taxes retrospectively, to seek Rs 10,247 crore in capital gains tax from th

Stocks to Watch, March 13: ITC, JG Chem, Signatureglobal, Vedanta, HG Infra

Stocks to Watch on Wednesday, March 13, 2024: British American Tobacco (BAT) may sell up to 3.5 per cent stake in ITC by way of block deals on Wednesday

Vedanta told to pay Cairn Rs 77.6 crore, Board barred from market

The Securities and Exchange Board of India (Sebi) in a 76-page order said Vedanta must make the payment within 45 days or face further action