Page 24 - Vedanta

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

Vedanta weighs sale of minority stake holding in Zambian copper assets

Vedanta will remain the majority shareholder in the unit if a minority stake is sold, Griffith said in an interview on the sidelines of an African mining conference in Cape Town

Vedanta chairman Anil Agarwal outlines $4 bn plan to double oil production

Mining conglomerate Vedanta Ltd will invest USD 4 billion over the next three years to double oil production, its chairman Anil Agarwal said on Tuesday as he pushed ahead with an aggressive oil and gas expansion programme. Vedanta, which more than a decade back acquired Scottish explorer Cairn Energy's (now Capricorn Energy) India assets, is targeting 300,000 barrels per day (15 million tonnes a year) oil output in 3 years from aggressive exploration campaign, he said on the sidelines of the India Energy Week (IEW) here. The company is pushing ahead with the investment undeterred by concerns around debt levels at parent Vedanta Resources. "India is the best place to be in right now. It has the resources as well as the market," he said. "But unfortunately we (as a country) produce just 15 per cent of our need and the rest is imported." Agarwal said his company currently produces around 140,000 barrels per day of oil and oil equivalent gas and has a promising acreage in northeast and

Govt puts Vedanta Group's mega fab unit proposal on the back burner

The vedanta Group's joint venture (JV) with leading technology service provider, Foxconn, fell through last year

Vedanta Aluminium adopts 2-pronged strategy to reduce carbon footprint: CEO

Vedanta Aluminium on Monday said that it is prioritising higher resource efficiencies, greater use of renewables in energy mix and converting waste into wealth as part of steps to reduce its carbon footprint. The company is forging enduring tie-ups with its communities for inclusive development, Vedanta Aluminium CEO John Slaven said in a statement. "We have embarked on a transformative journey where our commitment to sustainability goes beyond business compliance to focusing on how we can make a positive impact on the environment. Securing the top rank in the S&P Global CSA recognises our commitment to fully embed sustainability practices across every facet of our value chain, from sourcing to product delivery," he said. The company is committed to achieving Net Zero by 2050, adopting a two-fold strategy of reducing and offsetting its carbon footprint. In terms of reduction, the company is focused on increasing the quantum of renewables in its energy mix, enhancing its ...

Vedanta Q3FY24 results: Net profit declines 18%, net sales edges up

Net sales for the company rose 3.8 per cent to Rs 34,968 crore in the same period. The growth in revenue, the company said, was driven by higher sales volume and favourable movement in exchange rate

Hindustan Zinc Q3FY24 results: Net profit down 6% at Rs 2,028 crore

For Q3FY24, Hindustan Zinc reported a consolidated net profit of Rs 2,028 crore, down 6 per cent from a year ago

Debt-laden Vedanta cut to selective default by S&P after debt extension

The junk-rated miner said last week its bondholders approved the changes after months of talks to tackle more than $3 bn of bonds maturing in 2024 and 2025

F&O strategy: Bull spread on Vedanta; recommends HDFC Securities

Nandish Shah of HDFC Securities recommends to Buy Vedanta 280 CALL and simultaneously sell 290 CALL of the January series.

Vedanta's Cairn Oil & Gas submits development plan for Jaya gas find in Guj

Vedanta Ltd's Cairn Oil & Gas on Thursday said it has submitted a field development plan for the Jaya gas discovery in an area in Bharuch district of Gujarat. The firm made a gas and condensate discovery in an onshore OALP block in August 2020. "Through exploration and appraisal successes, Cairn has now submitted a field development plan (FDP) to produce more than 2,000 barrels of oil and oil equivalent gas per day, initially," the firm said in a statement. It, however, did not give details of the investment plan and how long will it take to bring the field to production from the date of FDP approval. The FDP has been submitted to the government's Directorate General of Hydrocarbons (DGH). "This field has the potential to contribute to the company's goal of doubling production capacities and driving energy aatmanirbharta for India. This will be the first FDP submitted in the OALP regime, among 144 blocks awarded under 8 OALP rounds by the government to various companies," the ...

Stocks to Watch: Delta Corp, Vedanta, KIOCL, Power Grid, M&M, IRCTC, Lupin

Stocks to Watch on January 10, 2024: The company reported 15 per cent YoY decline in Q3 consolidated revenue to Rs 231.7 crore. Net profit slumped 59 per cent to Rs 34.5 crore

Stocks to Watch today, Jan 4: Adani Ports, NTPC, LIC, IT, Vedanta, OIL, IEX

Stocks to Watch on Thursday, January 4, 2024: The board of directors of Adani Ports and Special Economic Zone Limited (APSEZ) has approved raising funds up to Rs 5,000 crore

GACL ties up with Vedanta to explore opportunities in caustic-chlorine

Gujarat Alkalies and Chemicals Ltd (GACL) on Tuesday said it has signed an initial pact with Vedanta Aluminium for exploring various business opportunities in the areas of caustic-chlorine and other allied businesses. The Memorandum of Understanding (MoU) envisages to recognize the potential of adding value to the business of both GACL and Vedanta Aluminium by adopting a collaborative approach in common business interests to achieve synergy, GACL said in a regulatory filing. Vedanta Aluminium is a business of Vedanta Ltd. Accordingly, both the companies desire to explore the opportunities for cooperation in greater detail so that the resources could be pooled together in a mutually beneficial manner, it said. "With this MoU, both companies have, in-principle, agreed to jointly explore the business opportunities either in the form of joint venture project or through contractual arrangements of mutual interest," it added. Gujarat-based GACL has a production capacity of 8,52,400 tonn