Page 3 - Vedanta

Hindustan Zinc in discussions with govt to split company: CEO Arun Misra

Vedanta group firm Hindustan Zinc Ltd (HZL) on Friday reported 34.5 per cent rise in consolidated net profit at Rs 2,327 crore for the quarter ended September 30, 2024, on the back of higher income. The company had posted net profit of Rs 1,729 crore in the year-ago period. The income of the company in the July-September period rose to Rs 8,522 crore from Rs 7,014 crore in the corresponding quarter of the previous fiscal, HZL said in a filing to BSE. The company earned a revenue of Rs 6,403 crore in the second quarter from the zinc, lead and other segments, and Rs 1,550 crore from silver vertical. The board in its meeting held on Friday approved the investment of Rs 327 crore for minimum 26 per cent equity stake in Serentica Renewable India Private Ltd (SRIPL) or its affiliates. SRIPL was incorporated for the implementation of renewable energy power projects in order to cater to the long-term power requirement of HZL under a power delivery agreement. SRIPL or its affiliates will

Vedanta Resources repays $869 mn in Oct to redeem bonds due in 2027, 2028

Vedanta Resources Ltd has said it paid USD 869 million to bondholders in October to redeem bonds three to four years ahead of maturity. The repayments are part of a larger liquidity management exercise under which Vedanta Resources Finance II PLC (VRF) -- a wholly-owned subsidiary of Vedanta Resources Ltd -- is repaying bonds with a higher interest rate to save on interest costs. VRF has repaid USD 869 million to bondholders holding 13.875 per cent bonds due in 2027 and 2028, respectively. According to the company's various Singapore exchange filings, the payments were made in multiple phases during October. For the 13.875 per cent bonds due in 2027, the company repaid USD 470 million, as per filings on October 4 and October 9. As per VRF's exchange filing, with the repayment on October 4, the 2027 bonds have been fully redeemed and are no longer outstanding. Similarly, the company has repaid USD 399 million to those holding its 13.875 per cent bonds due in 2028. As per a Septem

Top energy, commodity, infra companies see senior management churn

Talent firms and industry executives list evolving strategies, business growth as contributing to attrition at senior management level

Dividend, stock-split: IDFC, ARC Finance, Vedanta, 3 others in focus today

Here's the complete list of stocks trading ex-date tomorrow, along with their respective corporate announcements, and other key details

Dividend, bonus, stock-split: Vedanta, Jindal Saw, 2 others in focus today

Here is the complete list of stocks that will be closely watched by investors today due to corporate announcements such as dividends, bonuses, or subdivisions

Hockey India League: Vedanta acquires hockey team Kalinga Lancers

Vedanta Ltd on Friday announced acquisition of Bhubaneswar-based hockey team Kalinga Lancers ahead of Hockey India League (HIL). This acquisition reinforces the company's commitment to promoting sports in Odisha, a region where Vedanta has played a key role in socio-economic development for over two decades. The Kalinga Lancers, former HIL champions, were previously co-owned by Odisha Industrial Infrastructure Development Corporation (IDCO) and Mahanadi Coalfields Limited (MCL). Vedanta Aluminium now assumes full ownership. "With our acquisition of the Kalinga Lancers, we are investing not only in the team but also in the future of Indian hockey," Priya Agarwal Hebbar, Non-Executive Director, Vedanta Ltd and Chairperson of Hindustan Zinc said. Vedanta's focus will be on assembling a competitive team for the upcoming HIL season, while bolstering infrastructure, securing sponsorships, and exploring partnerships to strengthen the Lancers' position in the league. Vedanta operates an

Hindustan Zinc Q2 mined metal production rises by 2% to 256,000 tonnes

Vedanta group firm Hindustan Zinc on Wednesday said its mined metal production in the second quarter of this fiscal year rose by two per cent to 2,56,000 tonnes. The company's mined metal output was 2,52,000 tonnes in the year-ago period, Hindustan Zinc said in a regulatory filing. The refined metal production in the second quarter rose to 2,62,000 tonnes, over 2,41,000 tonnes in the year-ago period. The refined zinc production at 1,98,000 tonnes was up seven per cent as compared to 2QFY24. Refined lead production at 63,000 tonnes was up 12 per cent as compared to the second quarter of FY'24. The saleable silver production at 5.9 moz (million ounces), was up two per cent year-on-year. The wind power generation for 2QFY25 was 129 MU, down 18 per cent year-on-year, in line with wind velocity and seasonality impact. Hindustan Zinc Ltd is the world's second-largest integrated zinc producer and the third-largest silver producer.

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

Stocks To Watch: SBI, Vedanta, HDFC Bank, Piramal Pharma, Bank of India

Stocks to watch: Piramal Pharma aims to double its revenue to $2 billion by FY30, while tripling its Ebitda, said company Chairperson Nandini Piramal.

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 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

HZL supplies zinc to country's heaviest transmission steel pole structure

Vedanta group firm Hindustan Zinc Ltd (HZL) on Tuesday said it has supplied zinc for the country's heaviest transmission steel pole structure weighing over 200 metric tonnes. The company said that its top-quality zinc has been used in the galvanization process for the transmission steel pole structure. The 400 kV (kilovolts) dual pole structure standing approximately 57 meters tall, underwent galvanisation process utilising a mix of Hindustan Zinc's low-dross jumbo special high grade zinc and special high grade (SHG) zinc ingots. The structure, designed and manufactured by Skipper Ltd, is part of the 400 kV Quad Moose DC Transmission Lines Project under the proposed Pinnapuram Integrated Renewable Energy with Storage Project in Andhra Pradesh, Hindustan Zinc said in a statement.

Vedanta to progress from being asset manager to asset owner: Anil Agarwal

The proposed demerger of Vedanta's diverse verticals that represent more than 15 commodities, will see the company progress from being asset managers to asset owners, Chairman Anil Agarwal has said. The proposed demerger will create independent companies housing aluminium, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and new incubated businesses will remain under Vedanta Ltd. "Our expansionary moves are aligned with our business model transformation. The upcoming demerger of our diverse verticals that represent more than 15 commodities, will see us progress from being asset managers to asset owners," Agarwal said in a latest report. As the company passes through the transition phase, Vedanta is focusing on consolidating and strengthening its asset base to emerge as world leaders in each of its verticals, the Chairman said. Diversified natural resources company Vedanta Ltd has filed the demerger scheme with the National Company Law .

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 .

ICRA upgrades Vedanta's long-term rating to AA on strong credit profile

Credit rating agency ICRA on Wednesday said that it has upgraded Vedanta Ltd's long-term credit rating, reflecting the company's strengthened credit profile. The long-term credit rating has been upgraded to AA from AA-. The long-term rating upgrade considers an expected improvement in the company's credit metrics, following the successful fund-raising worth USD 1 billion by the company via a qualified institutional placement (QIP) in July and an additional USD 400 million generated from the offer for sale (OFS) of Hindustan Zinc Ltd in August, ICRA said. This upgrade comes amidst significant developments at Vedanta Group that focuses on long-term strategic growth and financial strength. Vedanta Ltd has built a war chest exceeding Rs 22,000 crore, comprising mainly of existing cash reserves, stake sale and dividend from its subsidiary Hindustan Zinc Ltd. Vedanta Resources Ltd is also actively pursuing to refinance a substantial portion of its outstanding bonds, aiming to lower the

Vedanta board to meet next week to consider third interim dividend

Anil Agarwal-led Vedanta Ltd on Wednesday said its board will meet next week to consider and approve the third interim dividend for the ongoing financial year. Last month, the company approved the second interim dividend for 2024-25. "...the meeting of the board of directors of the company is proposed to be scheduled on Monday to consider and approve the third interim dividend on equity shares, if any, for the financial year 2024-25," Vedanta said in a filing to the BSE. Vedanta Ltd had in July approved a second interim dividend of Rs 4 per share for the current fiscal year. Vedanta Ltd has prepared a war chest of Rs 30,000 crore with recent funds raised through a qualified institutional placement (QIP), offer for sale (OFS) and dividend to pursue further deleveraging and growth, sources had said. Proceeds from the Rs 8,500-crore QIP of Vedanta Ltd, HZL's OFS of Rs 3,200 crore, and Rs 5,100 crore from the second interim dividend, coupled with existing cash reserves of Rs 13,000 cr