Page 17 - Vedanta

Vedanta target price raised 15%; M&M stock surges 91% in 5 months

The Anil Agarwal group co value has risen by over 70 per cent this year. Analysts say operational efficiencies, cost reduction, improved operating profit, and proposed demerger have underpinned gains

CLSA sees further re-rating scope in Vedanta; stock rises over 2%

Vedanta also expects major cost reductions via alumina refinery capacity expansion, higher power generation efficiency, commissioning coal blocks and bauxite mines, and a smelting capacity increase

Vedanta arm WCL to invest $2 bn for Liberia's socio-economic development

Vedanta Sesa Goa on Friday said that its arm Western Cluster Ltd (WCL) is planning to pump in USD 2 billion for the socio-economic development of Liberia, West Africa. WCL is a wholly-owned arm of Bloom Fountain Ltd, which is a wholly-owned subsidiary of Vedanta Ltd. "Western Cluster Ltd...a key player in Liberia's mining sector, is set to act as a catalyst to Liberia's growth trajectory charted by the new government as it plans to invest USD 2 billion to propel socio-economic development in the region," the company said in a statement. WCL's ongoing initiatives include infrastructure development, community engagement, and generating employment opportunities for local communities. Since its inception in 2011, WCL has invested over USD 300 million towards the socio-economic development of the region, which includes substantial contributions to community development funds and critical infrastructure projects. "We...aim to act as a catalyst to unlock Liberia's economic potential and

Vedanta Resources posts 2nd highest consolidated EBITDA of $4.7 bn in FY24

Vedanta Resources, the parent company of India-listed mining group, posted its second highest ever consolidated EBITDA of USD 4.7 billion for FY24, a year which its chairman Anil Agarwal described as 'pivotal year' that will result in "a strong Vedanta." Revenue (before special items) for the year at USD 17.1 billion was 6 per cent lower than USD 18.1 billion of the previous year "primarily driven by lower output commodity prices primarily of aluminium, zinc and brent, partially offset by higher volume at aluminium, copper and iron ore business," the conglomerate said in a statement on its website. It posted the second highest ever consolidated EBITDA of USD 4.7 billion, 2 per cent higher year-on-year (FY 2022-23: USD 4.6 billion). "This was mainly due to softening of input commodity prices coupled with strategic cost savings, one time arbitration award in oil and gas business which is partially offset by slip in commodity prices primarily of aluminium, zinc and brent and strategic .

Vedanta says ICRA has assigned top rating to its commercial paper

Vedanta on Thursday said ICRA has assigned A1+ rating to the company's Rs 2,500-crore commercial paper, citing multiple positives. ICRA highlighted Vedanta's diversified product portfolio and a healthy market share while assigning the rating, the company said. A1+ is the highest rating in a scale of ratings provided by the credit rating agency for such instruments. "ICRA Ltd...has assigned ICRA A1+ Rating on commercial paper," Vedanta said in a filing to the BSE. Similarly, the credit rating agency has also assigned an ICRA AA- rating to Vedanta's long-term bank loans, it said. The mining major has proposed a vertical split of the businesses and is expected to list five entities on the stock exchanges by the end of this year.

Anil Agarwal's Vedanta considering $1 bn share sale in coming weeks

Shares of Vedanta have gained 78% this year, giving the company a market value of about $20.6 billion

Vedanta seeks shareholders' approval for Rs 8,500 crore fundraise

Mining billionaire Anil Agarwal-led Vedanta Ltd has sought shareholders' nod to raise up to Rs 8,500 crore through issuance of securities. "We hereby submit a copy of Postal Ballot Notice....seeking approval of the Members of the company in respect of...issuance of securities up to Rs 8,500 crore," the company said in a filing on the BSE. The e-voting for postal ballot will start at 9 am on Thursday and will end at 5 pm on June 21, the filing said. The company's board had earlier approved raising funds via instruments like American depository receipts, global depository receipts and foreign currency convertible bonds. Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies spanning across countries like India, South Africa, Namibia, Liberia and UAE.

Vedanta Aluminium turning to renewables, not adding coal capacity: CEO

Coal accounts for nearly 50% of the country's installed power capacity of 443 GW

Vedanta nears record high on improved outlook; zooms 94% from March low

In past three trading days, it rallied 12% after declared first interim dividend of Rs 11 per share for FY25 and approved to raise funds up to Rs 8,500 crore by various financial instruments.

Anil Agarwal-led Vedanta's board approves fundraise of up to Rs 8,500 cr

This is the second time that the company is raising funds in the current fiscal year. Last month, it said it would raise up to $300 million through debt securities

Vedanta hits 14-year high on fund raising plan; zooms 75% in 2 months

With the recent surge in commodity prices, particularly aluminum, zinc and silver, the company said it is going to unlock tremendous value.

Vedanta to fully acquire Japanese display glass major AvanStrate

Mining billionaire Anil Agarwal-led Vedanta Ltd of Friday announced that it has acquired an additional 46.57 per cent stake in Japanese glass substrate manufacturer AvanStrate Inc. With this acquisition, Vedanta's total holding in AvanStrate has increased to 98.2 per cent. The transaction is likely to be completed by the first quarter of the current financial year. "The board of directors of Vedanta Limited on Friday... have approved the acquisition of additional stake of 46.57 per cent in AvanStrate Inc (ASI) (an indirect subsidiary of the Company with 51.63 per cent holding) from HOYA Corporation, Japan through Cairn India Holdings Ltd (CIHL), a wholly-owned subsidiary of the company," the mining conglomerate said in a filing to the BSE. Vedanta had bought a controlling stake in the Japanese company in 2017 for USD 158 million. The acquisition of AvanStrate aligns with the company's vision of pivoting towards technology and diversifying into hi-tech manufacturing, while expanding

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Vedanta Group planning to invest $20 bn in India in 4 years: Anil Agarwal

The Vedanta Group is targeting an investment of USD 20 billion across all its businesses in India over the next four years, its Chairman Anil Agarwal said on Wednesday. The investments will be focused on technology, electronics, and glass businesses apart from the other activities that the group is engaged in, Agarwal told reporters here. The billionaire from Bihar said he wants to play the role of a catalyst in helping his home state grow, but said there is a need for a strong support from the policy front for it. He was speaking on the sidelines of an event where the mining-focused group announced to scale up its philanthropic activities. The group wants to take the total number of Nand Ghars, under which it takes care of children's nutritional requirements at the villages, to 25,000 over the next two years from the present 6,000, he said.

Vedanta best-placed to ride rising commodity prices, say analysts

Mining conglomerate Vedanta Ltd is likely to see less pressure on cash flows after liability management at the holding company level and is now best placed to ride rising commodity prices, analysts said. Improved performance in aluminium, power and zinc enabled the company to turn in EBITDA of Rs 87,600 crore in the January-March quarter, up by 4 per cent quarter-on-quarter. The improved performance was attributable to lower cost of production in aluminium and zinc and higher sales volume, partially offset by softer zinc prices. Despite marginal delays, Vedanta is set to complete its alumina/aluminium/ international zinc expansion during the current fiscal year (FY25), which will provide visibility around volume growth and cost reduction FY26 onwards. The start of coal mines in FY26 shall further lower its aluminium cost of production. In a post earnings note, Nuvama Institutional Equities said management is moving ahead to demerge the businesses by end of current fiscal (April 2024

Vedanta gains 4% following analysts' upgrade; Motilal Oswal announces bonus

Volume growth and cost efficiencies in the aluminium business saw Vedanta post operating profit (Ebitda) of nearly Rs 9,000 crore for the March 2024 quarter thanks to margin improvement

Vedanta Q4 results: Net slips 27% to Rs 1,369 crore on Tuticorin impact

Expects steel asset divestment by September, demerger of businesses on track for completion in cy24, said executives

Vedanta Q4 results: Net profit falls 27% to Rs 1,369 cr, revenue down 6%

Shares of Vedanta closed trading at Rs 380.80 on Thursday following the company's Q4FY24 results

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Hindustan Zinc to continue to discuss demerger proposal with govt: CEO

Vedanta group company Hindustan Zinc will continue to engage with the Centre on its proposal to split the company into different entities, a top official said. The statement comes amid the mines ministry rejecting Hindustan Zinc Ltd's demerger plan. Speaking with PTI, Hindustan Zinc CEO Arun Misra said that the matter had also come up for discussion in the board meeting on Friday. "I again explained (the board) the situation and I promised that I would continue to engage with the government and try to explain our logic and why we want to do it," he said. The government, the largest minority shareholder in Hindustan Zinc, owns a 29.54 per cent stake in the company. Misra further said that "they (government) are in the process of disinvestment through various routes and they feel that at this time doing demerger will jeopardise that opportunity of disinvestment." The company, he said, is still in talks with the mines ministry on the proposal and is trying to address some issues. "