Page 25 - Vedanta

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

SC to consider hearing Vedanta's plea on Sterlite copper unit in Tami Nadu

The Supreme Court on Tuesday agreed to consider hearing the Vedanta group's plea related to the closure of its Sterlite copper unit in Tamil Nadu's Tuticorin. A bench comprising Chief Justice of India D Y Chandrachud and justices J B Pardiwala and Manoj Misra took note of the submissions of senior advocate Shyam Divan, appearing for the Vedanta group firm, that the matter needed to be heard. The senior lawyer said the matter is listed on January 22 and urged the bench that the matter be heard. The CJI said the counsel for the parties will be informed after he ascertains during the day as to whether any constitution bench matters are listed for hearing. Earlier, the top court had said it has directed the registrar to allocate "two dedicated dates" for hearing the Vedanta group's plea. The top court had in May last year 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 upkee

Stocks to Watch today, Jan 2: BHEL, Coal India, LIC, Nestle, TVS Motor

Stocks to Watch on Tuesday, January 2, 2024: BHEL has clarified that it has not bagged the order worth Rs 19,400 crore from NLC India Ltd

Year Ender: 10 big events that shaped the Indian corporate world in 2023

From Hindenburg's report on the Adani Group to the signing of the biggest aircraft orders by Air India and Indigo, India saw several important corporate news in 2023. Here are the 10 most significant

Troubled Meenakshi Energy Ltd becomes wholly-owned arm of Vedanta

Anil Agarwal-promoted Vedanta on Wednesday said Meenakshi Energy Ltd has become its wholly-owned subsidiary. The National Company Law Tribunal had earlier approved Vedanta's acquisition of Meenakshi Energy for Rs 1,440 crore. "Meenakshi has allotted 10,00,000 fully paid-up equity shares of Rs 10 each amounting to equity capital of Rs 1 crore to the company, consequent to which, Meenakshi has become a wholly-owned subsidiary of the company with effect from December 27," Vedanta said in a regulatory filing. Vedanta had earlier said that it will acquire bankrupt thermal power company Meenakshi Energy for Rs 1,440 crore through an insolvency process. "This letter is in continuation to the stock exchange announcements made by Vedanta Limited (the company) vide its letters dated August 11, 2023 and January 18, 2023 pursuant to Regulation 30 of Listing Regulations regarding the acquisition of Meenakshi Energy Ltd (Meenakshi) under Corporate Insolvency Resolution Process in accordance with

Sensex gains 122 pts amid fag-end buying; Coal India rises 6%, Nestle 5%

Closing Bell on Tuesday December 19: Among sectors, the Nifty FMCG index rose 1.4 per cent , followed by the Nifty PSU Bank (up 0.8 per cent)

Vedanta approves dividend, Siemens India to set up energy business arm

Vedanta said its board of directors have approved a second interim dividend of Rs 11 per share, for the Financial Year 2023-24 amounting to Rs 4,089 crore

Anil Agarwal's Vedanta announces second dividend of Rs 11 apiece for FY24

Vedanta second interim dividend: The second interim dividend will cost the company Rs 4,089 crore and its record date has been fixed at December 27

Vedanta Resources prioritising private credit facility, says S&P Global

Analysts with S&P on the call noted that the liability management exercise is not as straightforward as seen in this region or globally

Stocks to Watch: PVR Inox, Hero Moto, Jupiter Wagon, Texrail, eYantra, Ami

Stocks to Watch on December 15, 2023: eYantra has received a staffing service order worth $900,000 from Nvidia; Plenty Pvt Group & Multiples Pvt Group may sell 2.3% stake in PVR Inox

S&P downgrades Anil Agarwal's Vedanta Resources; warns of potential default

Anil Agarwal firm seeks bond holders consent to extend maturities

S&P downgrades Vedanta Resources to 'CC' on potential bond extensions

The ratings remain on CreditWatch with negative implications, where they were first placed on September 29, 2023

68 companies blaze a trail, capturing 56% of India's market; PSUs take lead

FORTUNE'S FAVOURED FEW: Sixty-eight companies blaze a trail, capturing 56% of India's market; PSUs take the lead

Vedanta Resources to raise $1.25 bn through foreign investors at high rates

While foreign debt typically carries interest rates ranging from 10-12%, Vedanta's loans have been offered at 18% interest rate for three years, beginning in January

Stocks to Watch: Tata Steel, Vedanta, NMDC, IIFL Sec, Zomato, Banks, Auto

Stocks to Watch: The Securities Appellate Tribunal (SAT) has set aside the order by Sebi restricting IIFL Securities from taking new clients for two years

From Tata Steel to NMDC, big firms weigh bids for critical mineral blocks

Tata Steel, Vedanta, NMDC among mining giants exploring the opportunity

Vedanta group firm Hindustan Zinc partners with Inland EV Green Services

Vedanta group firm Hindustan Zinc on Monday said it has partnered with Inland EV Green Services for deployment of 10 electric vehicle trucks. The move aims at reducing carbon emissions and promote cleaner modes of transportation. Dedicated to the inter-operations transport of concentrates, these eco-friendly trucks reaffirms the company's commitment to green and sustainable practices, it said. These trucks have a charging capacity of 20 to 100 per cent in just 90 minutes, the company added. "Our collaboration with Inland EV Green Services Pvt Ltd represents a significant step forward in our decarbonisation journey," Hindustan Zinc CEO Arun Misra said.

Vedanta's arm Malco Energy sets up new unit in Saudi for copper business

Vedanta's arm Malco Energy Ltd has set up a new unit in Saudi Arabia for copper business at an investment of 1,00,000 Saudi riyals (Rs 22.19 lakh). "Malco Energy Ltd, a wholly-owned subsidiary of the Company, has incorporated a new wholly-owned Subsidiary in the name of 'Vedanta Copper International VCI Company Limited," metal and mining giant Vedanta said in a filing to BSE. Vedanta Copper International VCI Company Limited has been incorporated to explore growth opportunities in new geographies, it said. Vedanta had earlier 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. "The de-merger is planned to be a simple vertical split, for every 1 share of Vedanta Limited, the shareholders will additionally receive 1 share of each of the five newly listed companies," the firm had said in a stock exchange filing. The Board of Vedanta Ltd had approved "a pure-play, .

Stocks to Watch today, Nov 16: TCS, Bajaj Fin, RateGain, ONGC, Dabur, Paytm

Stocks to Watch on Thursday, November 16, 2023: The RBI has asked Bajaj Finance to stop sanctioning and disbursal of loans under 'eCOM' and 'Insta EMI Card' segments with immediate effect

Vedanta dispatches 1st supply of low-carbon aluminium in domestic market

Vedanta Aluminium on Wednesday said that it has dispatched its first supply of low-carbon aluminium to a company based in Telangana. As part of the order, the company will supply 300 metric tonnes of Restora Billets to Global Aluminium. "Vedanta Aluminium has dispatched its first domestic supply of Restora, the nation's first-ever low-carbon 'green' aluminium, to Global Aluminium Pvt Ltd, a leading aluminium extrusion company based in Telangana," the company said in a statement. Manufactured using renewable energy, Restora is produced with a greenhouse gas emission intensity within four tonnes of CO2 equivalent per tonne of aluminium manufactured, which is the global threshold for aluminium to be considered as having a low carbon footprint. Restora Ultra, made with aluminium recovered from dross, a byproduct of aluminium smelting, has an even lower carbon footprint that is near zero and is amongst the lowest in the world. "We ... are committed to working with our valued customers