Kotak Institutional Equities has reiterated its sell rating on diversified metals & mining company Vedanta Ltd, citing significant leverage concerns for the parent Vedanta Resources Ltd (VRL). In a note on Tuesday, Kotak trimmed the fair value estimate for Vedanta to Rs 200 per share from Rs 215 earlier. The stock is trading at around […]
Government of India has taken the first step to withdrawn the retrospective tax demands imposed on Vedanta, the mining group said in a statement. Vedanta’s former subsidiary and oil producer Cairn Energy was hit with a retrospective tax bill of Rs 10,247 cr in January 2014, or Rs 20,495 cr including penalties and interest. Cairn […]
The closure of Vedanta Ltd’s Tuticorin copper smelter in May 2018 has turned India into a net importer of refined copper, according to newly released government data. While India was a net exporter of refined copper to the extent of 3.34 lakh tonnes in the year ended March 2018 (prior to the shut down); the […]
After years of uncertainty, Vedanta Resources received a 10-year extension for its lucrative Rajasthan oil block that it obtained with the Cairn India acquisition. “The tenure of the RJ Block PSC has been extended for an additional period of 10 years with effect from 15th May, 2020,” the mining major said. The block was originally […]
Vedanta Limited, which operates the country’s largest on-shore petroleum mining facility, said it has emerged as the favored bidder to explore 41 oil and gas blocks in India at a cost of US$551 million (Rs 3,900 cr) over the next six years, including 8 offshore blocks. It is eligible to mine and sell the petroleum […]
Vedanta Resources said it has appointed Srinivasan Venkatakrishnan, the CEO of gold miner AngloGold Ashanti, as its new CEO and a member of the board. He will take over from interim CEO Kuldip Kaura on 31 August 2018. Since 2013, the 53-year-old has been the CEO of AngloGold Ashanti, an emerging market gold producer. Before […]
Vedanta, one of the world’s largest metal producers, said its application for renewal of consent for operating its smelter plant in Thoothukudi in Tamil Nadu has been rejected. The company had shut down the copper smelting plant on March 27 “as part of a regular maintenance program,” it said. “..the Company had applied for renewal […]
Vedanta, one of the world’s biggest producers of minerals, said it plans to increase its oil and gas output by around 100,000 barrels per day to 275,000-300,000 barrels per day by March 2020, and expand its Tuticorin copper plant to the world’s largest. At present, the Tuticorin copper smelter is producing 400,000 tons per year. […]
Vedanta Resources said its current aluminium production rate is 1 million tons per annum and that the company’s overall production guidance for the current financial year remains unchanged at 1.2 mtpa. It also said the commissioning of pots at the first line of the 1.25 mtpa Jharsuguda-II Aluminium smelter was completed by end of July […]
Vedanta Resources, the London-listed global mining giant, said it will today restart iron-ore mining at its mine at Codli in Sanguem taluka in Goa. “The Company has received the relevant consent, license and approvals in place to commence the iron-ore mining operations in the State of Goa for some of its leases,” Vedanta said. The […]
Anil Agarwal, chairman of the global metal giant Vedanta Resources, continued to push for the merger of the flagship company with Cairn India Ltd, a cash-rich petroleum producing company owned by Vedanta. The merger has been criticized as harming the interests of the third-party shareholders of Cairn India Ltd, and institutional investors such as the […]
The proposed merger between petroleum producer Cairn India and its parent Vedanta Plc is “likely to be unlikely”, Edelweiss Securities said. Raising the question of minority interest, Edelweiss said the deal does not seem to offer any overt benefits to Cairn India. “From Cairn’s perspective, we fail to understand the benefits of any synergies that […]
