Page 20 - Vedanta

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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One out of every 10 NSE 500 stocks has rallied over 50% so far in 2024. Here's a technical outlook on select stocks which are trading with bullish bias.

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

BSE Metal index surges 3% as base metals climb to multi-year highs

Metal stocks top performers: Here's why metal stocks were in demand on the Dalal Street on Wednesday.

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. "

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UAE firm eyes majority stake in Vedanta's Zambian mines in expansion drive

The Zambian government owns 20% of KCM through state firm ZCCM-IH

Stocks to Watch today: Jio Financial, Cipla, Vi, Brigade, Vedanta, Aster DM

Stocks to watch on Tuesday, April 16, 2024: Balrampur Chini, Bandhan Bank, Exide, GNFC, Hind Copper, India Cement, Metropolis, National Aluminium, PEL, SAIL and Zee are the 11 stocks in F&O ban today.

Vedanta secures 11-year Rs 3,900 crore loan from PFC, says report

Mining conglomerate Vedanta Ltd has secured an 11-year term loan of Rs 3,918 crore from Power Finance Corporation Ltd (PFC), sources said. The financial closure will enable Vedanta to expedite completion of its power projects. The group plans to increase the operating capacity of its power business in India to 4.8 GW by FY27, sources with knowledge of the matter said. The latest financing follows Vedanta group's takeover of Meenakshi Energy Ltd on December 28 in an NCLT-driven insolvency process. Meenakshi Energy has a coal-based power plant at Nellore, Andhra Pradesh, which Vedanta will use to supply power to merchants. Vedanta has acquired two plants -- Meenakshi Energy Ltd in Andhra Pradesh with a capacity of 1 GW, and Athena Power in Chhattisgarh with a capacity of 1.2 GW. It will primarily use the funds for these two of its key power plants, they said. The funding is part of the group's renewed focus on growing its energy portfolio in India and the financial closure will en

Hopes of the commodity upcycle seem priced in for Vedanta stock

The group derives 38 per cent of its EBITDA from aluminium, 41 per cent of EBITDA from zinc and 14 per cent from oil

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