Page 19 - Vedanta

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

Sebi warns Vedanta for publishing 'unlisted ultimate holding' firm's info

Mining major Vedanta on Thursday said it has received an administrative warning from markets regulator Sebi for "publishing information related to its unlisted ultimate holding company". Vedanta received a letter from NSE on March 6, 2023, annexing a letter dated February 29, 2024, issued by the Securities and Exchange Board of India (Sebi), according to a regulatory filing. The company has been directed to place the said letter before its board and take necessary corrective steps to strengthen the internal control for corporate announcements/ press releases, it said without divulging any further information. On the details of the violations alleged to be committed, the company said the letter is "in respect of it publishing information related to its unlisted ultimate holding company". New Delhi-based Vedanta Ltd is a diversified natural resources company with interests in oil and gas, aluminium, copper, zinc, lead, silver, iron ore and steel.

People have right to clean air, water: SC on Vedanta's TN plant closure

People have a right to breathe clean air, drink clean water and live a life free from disease and sickness, the Supreme Court has said, while upholding the principle of sustainable development and coming down hard on polluting industries. In a reasoned order on the closure of the Vedanta group firm Sterlite Copper in Tamil Nadu's Thoothukudi, a bench headed by Chief Justice D Y Chandrachud said closure of industry is not a matter of first choice but the nature of violations by the unit and repeated and severe breaches of environmental norms would have left neither the statutory authorities nor the Madras High Court with the option to take any other view unless they were to be oblivious of their plain duty. The bench, also comprising Justices JB Pardiwala and Manoj Misra, had on February 29 dismissed an appeal of Vedanta Ltd. against the high court order upholding the closure of the copper smelting plant, closed since May 2018 over pollution concerns. "It is an undeniable and ...

Stocks to watch: Jio Fin, Vedanta, Info Edge, Asian Paints, Swan Energy

Stocks to watch on March 04, 2024: Jio Financial Services is the sole addition to the S&P BSE Large Cap, as revealed by the Bombay Stock Exchange

Vedanta, CIL, Ola among the 50 players bidding for critical mineral blocks

The ministry made the announcement on the day when it launched the second round of auction for the 18 strategic mineral blocks valued at Rs 30 trillion

Supreme Court junks Vedanta plea for copper plant reopening in Tamil Nadu

The plant has been closed since May 2018 after 13 people were killed as police opened fire to quell a protest over alleged pollution caused by it

Vedanta, Jindal Power, Ola joins first tranche of critical minerals auction

Mining major Vedanta, Jindal Power and state-owned NLC India are among the players which participated in the first tranche of the auction of critical minerals, Union Minister Pralhad Joshi said on Thursday. A total of 56 bids were received for 20 critical and strategic blocks put on auction in the first tranche launched in November 2023, the minister told reporters after the lunch of the second tranche of the auction of critical and strategic minerals. Around 180 enquiries came from interested parties and 56 bids have been received from companies like Vedanta, NLC, Shree Cement, Dalmia, and Jindal Power, he said. The list includes a number of EV players also like Ola Electric, he said. In the first tranche, 20 mineral blocks including lithium were put on auction. Of these 16 have been put up for grant of composite licence and four for grant of mining lease.

Vedanta eyes $6 bn Ebitda in FY25, reiterates guidance on profit targets

Mining conglomerate Vedanta Group is eyeing USD 6 billion of pre-tax profits in the next financial year and scaling it to USD 7-7.5 billion in the following year on the back of operational efficiencies across businesses. "The building blocks are already in place, and largely under our control for EBITDA augmentation. The increase will be driven by ongoing cost optimization, price increases and volume ramp-up," Ajay Goel, CFO, Vedanta Limited said at a recent analysts' meet. The company is expected to clock nearly USD 5 billion of EBITDA in FY24 (April 2023 to March 2024); adjusting for one-time gains of the Cairn arbitration, the operational EBITDA for FY24 will be USD 4.4 billion. The ambitious EBITDA target of USD 6 billion represents a jump of over 35 per cent. "Most of this growth, nearly 15 per cent, will be driven by cost optimization measures. Price upticks, for example through increase in value added aluminium products, will account for another 8 per cent. Ramp-ups in ...

Vedanta group's Hindustan Zinc forays into strategic mineral exploration

Vedanta group firm Hindustan Zinc on Tuesday announced the formation of new subsidiary Hindmetal Exploration Services Pvt Ltd. The development aims at the company's foray into strategic mineral exploration and diversification of its portfolio. "In line with our vision and with our strategic exploration objective to upgrade Ore Reserves and Mineral Resources (R&R), the company has incorporated Hindmetal Exploration Services Private Limited, a wholly owned subsidiary of Hindustan Zinc Ltd, with an objective to explore, discover, develop and tap mineral resources," Hindustan Zinc said in a regulatory filing. The arm was incorporated on Monday, it said. In the last decade, the Centre has introduced significant transformational reforms to open up the mineral sector to ensure its contribution to achieving the national policy goals and also allowed private sector participation in the exploration and mining of critical minerals which were earlier mined only by government companies, it ...

Vedanta coupon payment on $894 million bond booked With 7 days delay

As part of the agreement, Vedanta paid investors $57 million up front for bond due in August 2024 and extended the maturity of the remaining $894 million in principal

Can't be oblivious to community's concerns: SC to Sterlite Copper

The Supreme Court on Wednesday told Sterlite Copper, a Vedanta group firm, that it cannot be oblivious to the wider concerns of the local community in Tamil Nadu's Thoothukudi and will have to implement the environmental safeguards suggested by the proposed expert panel before its plant can be reopened. The court had said on February 14 that a panel of domain experts may be set up to inspect the closed plant, suggest further compliance of green norms, and the way forward. The plant has been closed since May 2018 after 13 people were killed as police opened fire to quell a protest over alleged pollution caused by it. A bench of Chief Justice DY Chandrachud and justices JB Pardiwala and Manoj Misra said keeping the plant shut would not serve any purpose but at the same time the court has to be mindful of public health and welfare. "They are voiceless people. They all cannot come here. We cannot be oblivious to the wider concerns of the community," CJI Chandrachud said, adding, "We ma

Anil Agarwal's Vedanta Resources sells stake worth Rs 1,737 crore

Finsider International, part of billionaire Anil Agarwal-led Vedanta Resources, sold more than 65.5 million Vedanta Ltd shares at 265.14 rupees each, the data showed

SC suggests expert panel to explore restart of Vedanta's Sterlite Copper

According to reports, the court observed that national interest cannot be overlooked and the nation should not lose the Tamil Nadu asset

Vedanta's parent may sell $1 billion worth shares to GQG Partners: Report

Saddled with $6.4 bn in outstanding debt, including $4.5 bn payment due by fiscal 2025, Vedanta Resources has been attempting to shore up finances, including through recent debt restructuring

SC proposes to inspect closed Vedanta group's copper plant in Tamil Nadu

The Supreme Court on Wednesday proposed a panel of domain experts to inspect the closed Sterlite copper unit in Tamil Nadu's Tuticorin and suggest further compliances and way forward, saying shutting down a plant of national importance will not serve anybody's purpose. The plant is closed since May 2018 after 13 people were killed as police opened fire to quell a protest over alleged pollution caused by it. The top court, while hearing a plea by the Vedanta group company, mooted the idea of setting up of a panel of experts and sought views of the firm, the Tamil Nadu government and the state pollution control board. Ultimately, shutting down the plant of national importance will not serve anybody's purpose, a bench comprising Chief Justice DY Chandrachud and Justices J B Pardiwala and Manoj Misra observed. The bench, however, made it clear that it cannot grant permission to the firm to refurbish the plant as an interim order. The bench, which heard the submissions of senior advoca

Vedanta's demerger process to be completed in next 9-12 months: Official

Vedanta is working "actively" for demerger of its key businesses, including aluminium, into separate listed companies and the process is likely to be completed in next nine to 12 months, a top official of the company said. Billionaire Anil Agarwal-owned Vedanta Ltd had last year announced creation of independent verticals through demerger of its metal, power, aluminium, and oil and gas businesses to unlock potential value. In an interview to PTI, John Slaven, CEO of aluminium business of Vedanta, said, "We are working very actively in securing the successful demerger of the aluminium business." The process for the demerger is currently underway and is subject to a number of approvals from various authorities, he added. "We also need approval from our current lenders in the allocation of debt across the various entities that will be separated. So that's playing out at the moment. It's not directly within our hands. So unfortunately I'm not in a position to tell you categorically whe