Page 41 - Vedanta

Vedanta says priority is to complete doubling Electrosteel capacity to 3 MT

Vedanta Group on Tuesday said it was focused on completing the expansion of Electrosteel Steels Ltd to three million tonnes from 1.5 million tonnes amid rumours about the company's exit from the steel business. Anil Agarwal-led Vedanta Group scooped Electrosteel Steels four years ago. "As of date, this (exiting Electrosteel) is not a topic for us. The only priority is to raise the (production) capacity to 3 million tonnes, Vedanta Group CEO Sunil Duggal told reporters when asked about the reports of exiting the steel business. "I just visited the Electrosteel facility and reviewed the progress," he said. He was at the curtain raiser event of CII organised Global Mining Summit 2022. The group was planning to invest USD 300-350 million in doubling the Electrosteel capacity out of the USD 2 billion investment announced by the group. During the day, he also sought regulatory flexibility for the mining sector.

ESL Steel capacity expansion by next year: Vedanta's Sunil Duggal

Mining giant says priority is to finish doubling capacity of company it acquired in June 2018

Vedanta to plant 1 mn saplings in Odisha as part of afforestation efforts

Mining major Vedanta has announced that it will plant 10 lakh saplings in Odisha as part of its afforestation efforts, a statement said on Wednesday. The company has pledged to grow 7 million trees across the country, with 3.5 million in Rajasthan and a million in Odisha. The firm has joined hands with the World Economic Forum for the one trillion trees movement. "Our pledge will be instrumental in combating climate change and achieving net zero carbon emissions," Vedanta Non-executive Director Priya Agarwal Hebbar said. Vedanta Limited Group CEO Sunil Duggal said the company will be furthering its environmental conservation efforts through reforestation, agro-forestry, and mangrove restoration.

Two Indian companies to pick up over 26% but less than 51% stake in ISMC

Next Orbit director refuses to divulge names though talks were reportedly on with HCL, Reliance Industries

Cement firms raise FY23 capex amid cost pressure, aluminium cos trim plans

While UltraTech, ACC, Ambuja intend to go ahead with capex, Analysts point to volatility in global aluminium prices for Vedanta arm's revised capex guidance

Mining & metal companies see reversal of fortune in September quarter

Profits down 91% in Q2, driven by margin contraction because sales realisation did not keep pace with rise in expenses

Vedanta hits 5-month high; rallies 16% in four days on heavy volumes

For the July-September quarter (Q2FY23), the metals and mining major reported a 60.8 per cent year-on-year (YoY) decline in consolidated net profit at Rs 1,808 crore on the back of higher expenses

F&O Call: Nandish Shah recommends this F&O trading strategy in Vedanta

The derivative analyst from HDFC Securities recommends buying Vedanta 310 Call and simultaneously selling 330 Call of the November series.

Logistics firm OBCL bags Rs 150-crore transportation contract from Vedanta

Logistics firm Orissa Bengal Carrier Limited (OBCL) has entered into an agreement with mining major Vedanta Limited for the transportation of finished aluminium items. The deal is of around Rs 150 crore and the period of the transportation pact is one year, OBCL said in a statement on Thursday. "OBCL enters into a Rs 146 crore contract with Vedanta Limited led by Anil Agarwal," the Raipur-based company said. As part of the agreement, OBCL said, it will transport finished aluminium items to western business clusters. Vedanta has aluminium processing units in the states of Chhattisgarh and Odisha.

Stocks to Watch: IOC, Vedanta, RIL, NTPC, Nykaa, Hero Moto, Dr Reddy, Sugar

Stocks to Watch today: Reliance Strategic Business Ventures Ltd (RSBVL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), has acquired an additional stake in skyTran Inc for Rs 123.4 crore

Vedanta Q2 net profit falls 60% on higher expenses; revenue up 20%

Vedanta's oil and gas business also took a hit due to the windfall tax and lower crude prices in Q2, analysts said

Hindustan Zinc eyeing acquisitions in US, Europe in new growth push

Parent Vedanta has zinc assets in Namibia, South Africa and Ireland

Several Indian corporate houses set to become carbon neutral by 2050

Companies including Mahindra & Mahindra, Aditya Birla Group, JSW Group, Adani Transmission, Vedanta, and Dalmia Cement have set decarbonisation goals to achieve carbon neutrality by 2050

Anil Agarwal-led Vedanta group gets shareholder nod to rejig capital

The development acquires significance since Vedanta's holding company, Vedanta Resources, will receive nearly 70 per cent of the dividend to be distributed

Vedanta, JSW can soar up to 18% as Nifty Metal eyes 'Golden Cross' breakout

The Nifty Metal index can rally up to 11 per cent following the breakout. Among individual stocks, Tata Steel needs to conquer its 200-DMA to gain strength.

Anil Agarwal faces key vote for plan to tap Vedanta cash reserves

Shareholders of Indian unit Vedanta Ltd. will on a company plan to move money out of its reserves and into its balance sheet, increasing the probability that the funds will be used for dividends

CM Gehlot invites Vedanta to set-up semiconductor industry in Rajasthan

Rajasthan Chief Minister Ashok Gehlot has invited Vedanta Group to set up its semi-conductor chip manufacturing industry in Rajasthan amid a tussle for the project between Maharashtra and Gujarat. During the inaugural session of 'Invest Rajasthan' Summit held here on Friday, the Chief Minister said that there is a protest going on in Maharashtra on the shifting of the factory to Gujarat. "There is a protest going on in Maharashtra that why Anil Agarwal is shifting the industry to Gujarat. A lot of it has appeared in newspapers. I would like to say you (Agarwal) that there is a fight between Maharashtra and Gujarat. So, shift the industry to Rajasthan," Gehlot said. He further said, "There will be no fight. Rajasthan is your own state. Finish this fight. You are doing a very big investment." The Chief Minister said that after corona pandemic, there is a huge crisis for a semiconductor chip, which is used in mobile phones, laptops and even cars. He said that Vedanta Group is digging

Vedanta's medical arm ties up with Anuva for cancer research in India

Vedanta's BALCO Medical Centre (BMC), one of India's leading cancer hospitals, and Anuva, a genomics biotech company with a centre in India and backed by a UK-based hub, on Thursday jointly announced a strategic collaboration to build a Cancer Genomics Biobank for cancer research in India. Anuva and BMC aim to use this cancer bio/data bank for clinical research to identify relevant insights for precision medicine application for cancer in India. The companies said the collaboration leverages the strengths of both organisations the clinical expertise of BALCO Medical Centre and Anuva's biobanking and genomic expertise. "This is another milestone in the journey of BALCO Medical Centre towards becoming India's cancer care destination, said Jyoti Agarwal, Chairperson of BALCO Medical Centre. "Our collaboration with Anuva will bring together the best of knowledge, technology and research to serve the people of India better, through precision medicine and targeted treatment, she said.

Industry-friendly moves keep Gujarat ahead in investor perceptions

Gujarat gains because it was the first to check all the boxes as far as investor-friendly policies are concerned

Hindustan Zinc mined metal production marginally up at 255,000 tonnes in Q2

Vedanta group firm Hindustan Zinc's mined metal output rose by 3 per cent to 2,55,000 tonnes in the July-September quarter on the back of better grades and improved mill recoveries. The company's mined metal production was at 2,48,000 tonnes in the corresponding quarter of previous fiscal. The refined metal production at 2,46,000 tonnes was 18 per cent higher on account of improved smelter performance and better mined metal availability among others, Hindustan Zinc has said in a statement. The wind power generation was down by 20 per cent at 124 million units (MU) for the second quarter of the current financial year due to lower wind velocity and seasonality impact. Hindustan Zinc is the country's only integrated producer of zinc, lead and silver.