Page 2 - Vedanta Ltd News

Vedanta keeps cost guidance unchanged, pushes capital expenditure pedal

Anil Agarwal, in a shareholder message, highlights doubling of capacities across its key businesses

Vedanta Resources debt reduced by $4.7 bn in 2 years, says Anil Agarwal

Debt at Vedanta Resources - the parent firm of the Mumbai-listed mining conglomerate Vedanta Ltd - has been cut by USD 4.7 billion in two years as financial discipline helped deleverage the group, its chairman Anil Agarwal said. In a letter to shareholders, he said Vedanta Ltd delivered its highest-ever EBITDA of Rs 20,639 crore in the first half of the current fiscal year as a result of "focus on achieving higher production levels, driving operational excellence, and successfully navigating a dynamic global environment". Vedanta's aluminium and zinc production volumes have reached record levels. "In the near future, we are aiming to double the production levels at our subsidiary, Hindustan Zinc Ltd, increase oil production at Cairn Oil & Gas to 3 lakh barrels of oil equivalent per day, and increase the capacity at our aluminium smelter to 3 million tonnes per annum," he said. Additionally, Vedanta remains committed to becoming a greener and more sustainable company by producing ..

Vedanta Q2 net profit at Rs 4,352 crore; demerger completion by March-end

Company met Street expectations, expects to complete demerger process by March-end

Vedanta Q2 results: Mining co swings into black, posts Rs 4,352 cr profit

The company's revenue from operations, or topline, dropped 3.4 per cent annually to Rs 37,634 crore, from Rs 38,945 crore in the same quarter last year (Q2FY24)

Moody's raises Vedanta Resources rating driven by efforts to access funding

Moody's Ratings on Friday said it has upgraded the ratings on bonds of Vedanta Resources Ltd (VRL) driven by the company's efforts to access funding. The rating agency has revised Vedanta's corporate family rating to B3 from Caa1, and also upgraded rating on senior unsecured bonds sold by VRL and VRL's wholly-owned arm Vedanta Resources Finance II Plc to Caa1 from Caa2. It has maintained 'stable' outlook on the ratings. "The upgrade to B3 is driven by VRL's demonstrated access to funding, reflected by the successful tap of USD 300 million of its 10.875 per cent senior notes due in September 2029. The tap and the company's USD 900 million issuance last month were oversubscribed by investors," it said. VRL, the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, has raised USD 300 million by exercising the tap option on the existing bond issue. A tap issue is a procedure that allows companies to issue bonds or other short-term debt instruments from past issues. The rating

Vedanta announces investments of Rs 1 trn in Rajasthan across verticals

Vedanta on Saturday said it will pump in over Rs 1 lakh crore in Rajasthan across different business verticals, including, zinc and oil and gas. While Hindustan Zinc, a Vedanta group firm, will invest Rs 30,000 crore to double zinc capacity from 1.2 million tonnes per annum (MTPA) to 2 MTPA, silver from 800 tonne to 2,000 tonne, and set up a one MTPA fertiliser plant, Cairn Oil & Gas, a subsidiary of Vedanta Ltd, will invest Rs 35,000 crore to augment capacity to 3 lakh barrels per day, the company said. Vedanta Group entity Serentica Renewables will invest Rs 50,000 crore to develop 10,000 MW renewable power capacity to support the investments, help energy transition and ensure highest environmental standards and green manufacturing, the company said in a statement. Vedanta also announced setting up of an industrial park around the Udaipur area on a non-profit basis, for small and medium scale industries from Rs 5 crore onwards. Vedanta participated in the Rising Rajasthan ...

Vedanta to invest Rs 1 trillion in various projects across Odisha

The firm added that this would create a massive industrial complex for downstream industries, as aluminium has hundreds of applications in sectors such as automotive, power, construction, and railways

Vedanta to invest Rs 1 trn in Odisha for alumina refinery, aluminium plant

Metal and mining major Vedanta on Friday announced an investment of Rs 1 lakh crore in Odisha to set up an alumina refinery and an aluminium plant in the state. The Anil Agarwal-led group has already invested Rs 1 lakh crore across assets in the state. The new investment will be in setting up a 6 million tonne per annum (MTPA) alumina refinery and a 3MTPA green aluminium plant, a statement from Vedanta said. It will create 2 lakh jobs in the state and help Odisha achieve its goal of becoming a USD 500 billion economy by 2030. Vedanta Chairman Anil Agarwal met Odisha Chief Minister Mohan Charan Majhi earlier during the day in the financial capital. Majhi is in Mumbai for a roadshow to be held on Saturday, ahead of an investor summit in Odisha in January 2025. Commenting on the new investment commitment, Agarwal said Odisha has always played an important role in Vedanta's growth and affirmed the company's commitment to drive large-scale industrialisation in the state. The new inves

Metal index corrects for 4th day in a row; NMDC, Tata Steel slips up to 8%

The Nifty Metal index, the top loser among sectoral indices, was down 2 per cent, as compared to the 0.35 per cent rise in the Nifty 50, at 9:53 AM.

Vedanta reports increase in production of aluminium, zinc, iron ore in Q2

Mining giant Vedanta Ltd on Friday reported a rise in production of aluminium, zinc and iron ore in the September quarter. However, the production of steel, mined metal overseas and oil and gas dropped during the quarter. The aluminium output grew 3 per cent to 6,09,000 tonnes in the second quarter compared to the same period last year, Vedanta said in a filing to BSE. At Zinc India, the saleable metal output grew to 2,62,000 tonnes from 2,41,000 tonnes. While at Zinc International the mined metal output dropped by 34 per cent to 44,000 tonnes, from 66,000 tonnes in the second quarter. Meanwhile, oil and gas output dropped 22 per cent to 1,04,900 boepd (barrels of oil equivalent per day), average daily gross operated production during the quarter from 1,34,100 boepd a year earlier. The production of saleable iron ore rose to 1.3 million tonnes from 1.2 million tonnes in the year-ago period. The total saleable steel production dropped 22 per cent to 2,96,000 tonnes and power sale

Vedanta stock rallies 15% in one week as market cap climbs to Rs 2 trn

Vedanta will hold a board meeting on Tuesday, October 8, to consider and approve the fourth interim dividend for the financial year 2024-25.

Vedanta shareholders to rejoice: Company lines up for 4th dividend for FY25

The uptick in Vedanta's stock was fueled by the company's plan to declare a fourth interim dividend for FY25

Vedanta board to meet on Oct 8; consider, approve 4th interim dividend

Mining major Vedanta Ltd on Wednesday said its board will meet on October 8 to consider and approve the fourth interim dividend for 2024-25. The record date for the purpose of determining the entitlement of the equity shareholders for the fourth dividend, if declared, is being fixed as October 16, 2024, the mining conglomerate said in an exchange filing. So far, the Anil Agarwal-led entity has approved a total dividend of Rs 13,474 crore for 2024-25. On September 2, the company's board approved the third interim dividend of Rs 20 per share for the current financial year, taking the total dividend payout for FY'25 to Rs 13,474 crore. Vedanta fixed September 10 as the date for the purpose of payment of dividend. Earlier, the board on July 26 had approved the second interim dividend of Rs 4 per equity share for 2024-25 amounting to Rs 1,564 crore. On May 16, the company had approved the first interim dividend of Rs 11 per equity share for FY'25 amounting to Rs 4,089 crore. During 202

Water storage breach in Odisha impacts agricultural areas, says Vedanta

Vedanta Aluminium is actively addressing the breach occurred on Sep 15 as extreme weather caused elevated water levels and pressure in the facility's catchment area, a Vedanta spokesperson said

Vedanta plans to expand nickel sulphate production, to tap overseas demand

Unlike Japan and South Korea, India's electric vehicle market is still in its nascent stage

Vedanta climbs 2% on demerger timeline update, first dollar-bond issue

Vedanta's demerger of its businesses into six separate entities is likely to be completed by the end of FY25, while its parent raised $900 million in its first dollar bond issue

Vedanta Resources gets $900 mn via first dollar bond issue to prepay loans

Vedanta Resources, the parent firm of mining conglomerate Vedanta Ltd, on Wednesday raised USD 900 million in its first dollar bond issue in more than two years to prepay existing bonds. In a statement, the firm said it has raised UDS 900 million at a coupon rate of 10.875 per cent in the five-year US dollar-denominated bond. "The net proceeds from the offering of the bonds will be used to repay certain of Vedanta's existing bonds (including any accrued interest thereto) and to pay any related transaction costs in connection thereto," it said. This is the first US dollar bond issued by Vedanta since February 2021. The bond received final orders of USD 1.45 billion from investors across the globe representing an oversubscription of over 1.6 times, reinforcing the confidence of these investors in the Vedanta story, the statement said. "The final allocation of the bonds represented the broad-based support which Vedanta enjoys, including 41 per cent from Asia, 24 per cent from EMEA an

Demerger of Vedanta's key businesses likely to happen by end of FY25

The demerger of mining conglomerate Vedanta Ltd's key businesses, including aluminium, into separate listed companies is expected by the end of FY25, a top official of the company said on Wednesday. Vedanta Ltd has filed an application for its demerger scheme before the National Company Law Tribunal (NCLT) after receiving a nod from lenders. Asked when is the demerger happening, John Slaven, CEO of aluminium business of Vedanta, said, "it's not within our control. It's the NCLT process. They typically take, I don't know, four to six months, to run that process. So by end of this fiscal year, by the end of this fiscal year (I see it happening)." Slaven was speaking during the launch of Vedanta Aluminum's two new products for power sector. The first product offers superior electrical conductivity, making it ideal for remelting. The second product is the electrical conductor grade wire rod, designed for winding strip applications with a balance of strength, conductivity, workability,

Vedanta urges govt to talk with Japan, S Korea to end nickel sulphate duty

Vedanta and some smaller firms turn nickel ores imported primarily from Australia, Indonesia and Turkey into nickel sulphate before shipping it to South Korea, Japan and other countries

Display glass biz likely to grow 10 times with AvanStrate Inc, says Vedanta

Vedanta Limited on Wednesday said its display glass business is expected to grow 10-fold, following the consolidation of its holding in AvanStrate Inc. Vedanta Ltd, in May this year, announced the acquisition of an additional 46.57 per cent stake in AvanStrate Inc, taking its total holding in the Japanese display glass manufacturer to about 98 per cent. ASI is now fully managed and controlled by Vedanta Limited and free from any external debt, according to a release. "Vedanta Limited announced that the display glass business is set to grow 10x after consolidating its holding in AvanStrate Inc. (ASI), a Japanese display glass manufacturer, to 98 per cent, following the acquisition of 46.57 per cent equity from Hoya Corporation," the release said. According to the release, ASI is set to drive innovation and expansion, focusing on the future of high-tech display and glass substrate manufacturing. ASI, the release further said, is well-positioned to strengthen its role in the global .