Page 21 - Vedanta

Government to exit Hindustan Zinc Ltd, but over an extended period

The residual stake is valued at approximately Rs 40,000 crore at current market prices

SC lists plea of Sterlite copper unit of Tamil Nadu for hearing on Nov 29

The Supreme Court has listed the Vedanta group's plea related to the closure of its Sterlite copper unit in Tamil Nadu's Tuticorin for hearing on November 29. According to an update on the apex court's website, the plea of the Vedanta group firm will be heard on November 29. On October 9, a bench headed by Chief Justice D Y Chandrachud had assured the firm's counsel that it had directed the registrar to allocate "two dedicated dates" for hearing the Vedanta group's plea. "I am well aware of the situation. I have already directed the registrar to allocate two dedicated dates (for hearing)," the CJI had said. The top court had, in May, asked the Tamil Nadu government to take appropriate decisions in pursuance of its April 10 direction by which it had allowed the Vedanta group to carry out the upkeep of its Sterlite copper unit in Tuticorin under the supervision of a local-level monitoring committee. In its April 10 order, the top court had also allowed the evacuation of the remainin

Vedanta incorporates wholly-owned arm to carry out iron, steel biz

Vedanta Ltd on Thursday said it has incorporated a wholly-owned arm, 'Vedanta Iron and Steel Ltd, as part of its demerger drive. The wholly-owned arm was incorporated on Tuesday, and has an authorised capital of one lakh equity shares of Rs 1 each. The move is in line with the company's plan, announced on September 29, to demerge its business, the company said in a regulatory filing. The development comes days after the mining conglomerate announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to create shareholder value. The main objective of Vedanta Iron and Steel Ltd is to carry out the iron and steel business. Vedanta on Wednesday said it has incorporated a wholly-owned subsidiary, Vedanta Base Metals Ltd.

India Ratings downgrades Vedanta's long term rating from 'AA' to 'AA-'

Ind-Ra consistently takes a consolidated perspective of VDL and its subsidiaries, collectively referred to as the VDL group, owing to their intertwined strategic, operational, and financial ties

JSW Steel, ArcelorMittal in race to buy Vedanta mines, steel assets

Vedanta's ask price for both assets at Rs 10,000 cr

Vedanta incorporates wholly-owned subsidiary to implement demerger scheme

Mining major Vedanta on Wednesday said it has incorporated a wholly-owned subsidiary, Vedanta Base Metals Ltd, to implement the demerger of its five key businesses, including aluminium and oil and gas. "We wish to inform you that a wholly-owned subsidiary of the Company, in the name of 'Vedanta Base Metals Ltd' has been incorporated on October 09, 2023," the company said in a filing to BSE. The unit has been incorporated to implement the demerger scheme that was intimated to the bourses late last month. Mining conglomerate Vedanta Ltd had announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to creating shareholder value. According to the filing, 100 per cent shareholding of this unit is currently held by Vedanta Ltd. Vedanta Base Metals Limited is a public company incorporated on October 9 and its main object is to carry out the Metal business.

Vedanta starts demerger process with incorporation of base metal subsidiary

Vedanta Base Metals Ltd has been incorporated to carry out the metal business

Vedanta Resources open to changing terms of proposal to delay bond payment

Some bondholders said they wanted more cash up front than what was offered by the company, said some of the people, who asked not to be named because the discussions are confidential

Securities Appellate Tribunal relief for Vedanta in Cairn buyback case

The Securities and Exchange Board of India (Sebi) had issued the order in May 2021 for allegedly flouting buyback regulations

CRISIL Ratings places Vedanta under watch with negative implications

The agency mentioned that the ratings might be downgraded if Vedanta cannot reduce its end-of-year financial leverage to below 2.7 times through the asset monetisation route

Stocks to Watch today: Marico, OMCs, Sheela Foam, Suryoday SFB, defence

Stocks to Watch on Thursday, October 5, 2023: The government, on Wednesday, released the fifth Positive Indigenisation List (PIL) of 98 items which will be procured by the three armed services

Spotlight continues to be on Vedanta's $3 bn debt despite spinoff plan

A streamlined structure could also help Agarwal sell unprofitable or low-growth assets - something the billionaire has long avoided

How a debt iceberg might turn resources titan Vedanta into Titanic

A corporate presentation notes the "consistent shareholder returns" from more than $11 billion in dividends over the past decade

Street gives a thumbs up to Anil Agarwal-led Vedanta's demerger plan

While the holding company discount should reduce and operational flexibility improve, there are still some concerns on the parent's debt

Lenders unlikely to clear Anil Agarwal's Vedanta spinoff in hurry

To scrutinise rationale for recast, structural details, plans for each unit

Vedanta's aluminium production rises 2% to 594,000 tonnes in Jul-Sept

Vedanta on Tuesday said that its total aluminium production increased by two per cent to 5,94,000 tonnes in the second quarter of the ongoing fiscal. The company's total aluminium output in the July-September period of the last fiscal was 5,84,000 tonnes, Vedanta said in a filing to BSE. The mined metal output at Zinc India was marginally down to 2,52,000 tonnes, over 2,55,000 tonnes in the year-ago period. At Zinc International, the company's total mined metal output was down by 10 per cent to 66,000 tonnes, over 74,000 tonnes. The company's "overall production at 66 kt, (was) lower by 10 per cent YoY and 3 per cent QoQ largely due to lower tonnes treated", it said. The company further said that its saleable steel production increased 17 per cent Y-o-Y to 3,78,000 tonnes on account of improved operational efficiency and higher production capacity post debottlenecking carried out in FY23. Power sales increased by 12 per cent to 4,048 million units (MU), over 3,615 MU in the year

Vedanta to complete sale of steel assets by March 2024: Anil Agarwal

In an interview, Agarwal said the response to the steel and iron business will help the company reduce debt

Sensex down 316pts, Nifty below 19550 amid global selling; JSW Infra up 32%

Closing Bell on October 3, 2023: In the broader markets, the key indices outperformed the frontline indices with the BSE MidCap index gaining 0.09%, and the BSE SmallCap index advancing 0.6%

Vedanta split unlikely to help parent's near-term debt crisis: Analysts

Vedanta Resources, is battling a host of rating downgrades triggered by worries over outstanding dues - $6.4 billion as of May - according to the company

Vedanta gains 4% as board approves to split firm's biz into 6 companies

The company on Friday after market hours announced its plan to demerge its existing business verticals into six independent 'pure play' companies.