Page 38 - Vedanta

Vedanta unit's ability to raise loans reduces liquidity risk for group: S&P

Natural resources group has debt servicing obligations of about $3 bn

Vedanta slips 2% in a strong market after nearly 2% equity changes hands

A combined 69 million shares, representing 1.86 per cent of total equity of Vedanta, have changed hands on the NSE and BSE so far

HZL inks pact with Rajasthan Cricket Association for development of stadium

Vedanta's Hindustan Zinc Limited (HZL) on Thursday signed an agreement with the Rajasthan Cricket Association (RCA) for the development of the world's third-largest cricket stadium in Chonp village in Jaipur. HZL will spend Rs 300 crore for the stadium, one of the largest corporate investments in India's sports infrastructure. The stadium would be named as Anil Agarwal International Cricket Stadium, Jaipur, a release said. The agreement was signed by Bhawani Shankar Samota, RCA secretary and Arun Misra, CEO Hindustan Zinc, in the presence of assembly speaker and RCA's chief patron C P Joshi and others. The stadium facilities will be spread across 100 acres and have a seating capacity of over 75,000. Joshi said that the investment would accomplish the long felt dream of construction of a modern international cricket stadium at Jaipur. He thanked the company for the support and the agreement for the first phase of the stadium construction. RCA president Vaibhav Gehlot highlighted

Volatility in Vedanta Resources bonds rises as group plans to reduce debt

Bankers said the group's bonds have been showing volatility since October last year

CRISIL revises outlook on Vedanta's loans from 'stable' to 'negative'

The change reflects the possibility of higher-than-expected financial leverage and lower financial flexibility with reducing ratio of cash surplus to one-year maturities for FY23 and FY24

Sensex jumps 346pts, Nifty nears 17,100; Adani Enterprises soars 9%, ZEE 3%

CLOSING BELL: Adani Enterprises, Adani Ports, JSW Steel, Eicher Motors, HCL Tech, Bajaj Auto, Ultratech Cement, Tata Motors, and Hero MotorCorp were the large-cap winners

Hindustan Zinc dividend record date today; company's shares in the red

Hindustan Zinc dividend: In FY23 so far, the company has announced a dividend worth Rs 75.5 per share, and out of this, Rs 49.5 per share have already been received by the shareholders

Stocks to watch: Adani Group, Vedanta, NHPC, PNB Housing, RHI Magnesita

Stocks to Watch: Index heavyweights Reliance and Bharti Airtel will see some action as the former wages a price war in the broadband connection.

Stocks to watch: Adani Group, Vedanta, NHPC, PNB Housing, RHI Magnesita

Stocks to Watch: Index heavyweights Reliance and Bharti Airtel will see some action as the former wages a price war in the broadband connection.

Vedanta announces 5th interim dividend; FY23 outflow Rs 37.7K crore

Dividend pay-out for the year at Rs 37,730 cr, the highest ever by the company

Vedanta board approves Rs 7,621 crore of interim dividend for FY23

Vedanta Ltd on Tuesday said its board has approved an interim dividend of Rs 7,621 crore for the current financial year. The company has fixed April 7 as record date for the purpose of dividend payment. "The Board of Directors at a meeting held on Tuesday, March 28, 2023 approved the fifth interim dividend of Rs 20.50 per equity share... on face value of Rs 1/per share for the financial year 2022-23 amounting to Rs 7,621 crore," according to a regulatory filing. The board also accepted the resignation of Ajay Goel from the post of Acting Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective from the close of business hours on April 9. Details about his successor will be announced in due course, the filing said.

Vedanta dividend: Decision on fifth payout today; check all details here

Vedanta dividend 2023: The company has already given four interim dividends totalling Rs 81 so far in the current financial year

Billionaire mining tycoon Anil Agarwal fights to clear Vedanta's debt

Vedanta's quest to raise cash comes during a rocky time for India's business elite. Highly leveraged conglomerates are under increased scrutiny after a short seller accused Gautam Adani

Windfall Tax: Vedanta cuts $91 mn from govt's gains to make up for tax paid

In signs of protests against the 9-month-old windfall tax, mining mogul Anil Agarwal's Vedanta Ltd has withheld about USD 91 million from the share of profit due to government from its oil and gas fields, to make up for the additional tax outgo, according to sources and correspondence on the issue. India first imposed windfall profit tax on July 1, 2022 joining a growing number of nations that tax super normal profits of energy companies. But the levy of Special Additional Excise Duty (SAED) on locally produced crude oil was seen by producers as violation of the contract which provides fiscal stability. The SAED initially was Rs 23,250 per tonne (USD 40 per barrel) and in fortnightly revisions brought down to Rs 3,500 per tonne. This is in addition to the 10-20 per cent royalty on price of oil and gas realised and an oil cess of 20 per cent. On top, the government is also entitled to a pre-decided share of profit after expenses are deducted from revenue earned from sale of oil and .

Stocks to Watch: RVNL, BEL, HAL, Campus Activewear, Vedanta, PNB, IT cos

Stocks to Watch: IT stocks may remain in focus as Accenture reported a revenue of $15.81 bn in Q2, beating its guidance of $15.2-15.75 bn. The giant also announced it will lay off 19,000 employees

Vedanta board to meet next week to consider fifth interim dividend for FY23

Anil Agarwal-led Vedanta Ltd on Thursday said its board will next week consider and approve the fifth interim dividend for FY'23. The announcement comes days after Vedanta Resources which is a majority shareholder of Vedanta Ltd stating that it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns around its financial position. "The meeting of the board of directors of the company (the board) is proposed to be scheduled on Tuesday, March 28, 2023, to consider and approve the Fifth Interim Dividend on equity shares, if any, for the Financial Year 2022-23," the company said in a regulatory filing. In a statement, Vedanta Resources had said it is in the advanced stage of finalisation to tie-up USD 1.75 billion through a combination of syndicate loan and bilateral bank facilities. Vedanta Resources had said it had pre-paid all of its debt that was due for repayment till March 2023, deleveraging by USD 2 billion in the past

Vedanta denies talks of stake sale, calls them 'untrue', 'baseless'

Vedanta Ltd on Thursday termed any talks of sale in oil-to-metals conglomerate as "untrue and baseless." This comes in the wake of news report which said that mining mogul Anil Agarwal is contemplating a stake sale in Vedanta as a last-resort option and is examining the possibility of selling less than 5 per cent of the company. According to company's spokesperson, "Any talk of stake sale in Vedanta Ltd is untrue and baseless." The media report said that stake sale in Vedanta is a last resort for Agarwal and will only be considered if other fundraising options fail. Vedanta Resources which is a majority shareholder of Vedanta Ltd has been looking to reduce its debt through the sale of its zinc assets for a cash consideration of USD 2,981 million to Hindustan Zinc Ltd (HZL). However, the government which holds 29.54 per cent stake in Hindustan Zinc has sternly opposed this move. Vedanta holds 64.92 per cent of the equity share capital of HZL. Vedanta Resources had earlier said t

Anil Agarwal weighing Vedanta stake sale as last resort, says report

Agarwal is evaluating the possibility of divesting a less than 5% stake in the Mumbai-listed company, said the people, who asked not to be identified as the information is private

Hindustan Zinc's $1.3 bn dividend plan raises concerns over cash use

The Rajasthan-based miner will pay an interim dividend of 26 rupees per share totaling 109.9 billion rupees, according to an exchange filing Tuesday

$100 mn repaid to Standard Chartered Bank, encumbrance released: Vedanta

Recently, Vedanta said that it has prepaid all its debt that was due for repayment till March 2023