vedanta – The News Desk

Stock Market LIVE: Sensex slips 300 pts, Nifty holds 22,200; Infosys, IndusInd Bank weigh | News on Markets

16Apr

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Business

Stock Market LIVE: Sensex slips 300 pts, Nifty holds 22,200; Infosys, IndusInd Bank weigh | News on Markets

11:43 AMRBI to banks: Can't charge extra without mention in key fact statement The Reserve Bank of India (RBI) on Monday issued a directive that prohibits banks and other regulated entities from levying additional fees on loans that are not previously disclosed in the Key Fact Statement (KFS). The notification stipulates strict adherence to these guidelines for all new retail and MSME term loans sanctioned from October 1 onwards, including loans issued to existing customers. “Any fees, charges, etc., which are not mentioned in the KFS, cannot be charged by the REs to the borrower at any stage during the term of the loan, without explicit consent of the borrower,” the regulator said. Read more 11:22 AMSmall finance bank stocks are on an uptrend. Does the rally have more leg...

Vedanta: Vedanta faces investor reckoning over $3.2 billion of bonds

2Jan

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Vedanta: Vedanta faces investor reckoning over $3.2 billion of bonds

Vedanta Resources Ltd faces a moment of reckoning this week as Indian billionaire Anil Agarwal’s miner seeks approval for a proposal that could help it buy more time to honor its debt liabilities.Bondholders have until Jan. 2 to give an early consent on a plan to push out due dates on $3.2 billion in bond repayments, a move that prompted S&P Global Ratings in December to cut the company’s rating deeper into junk.Vedantaneeds a green light from at least two-thirds of the bondholders in each of the three securities to proceed with the plan. A holder meeting will be held on January 4.The bid to revise the terms of its dollar bonds marks the latest attempt by Agarwal’s group to bolster its balance sheet, having already sold a stake in its Mumbai-listed subsidiary and secured a $1.25 billi...

Vedanta Secures $1.25 Bn For Debt Refinancing; S&P Downgrades Rating

31Dec

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Vedanta Secures $1.25 Bn For Debt Refinancing; S&P Downgrades Rating

Vedanta Resources Ltd (VRL), the UK-headquartered parent company of Vedanta group, said it has secured a USD 1.25 billion loan from private credit lenders to refinance/repay part of the USD 3.2 billion debt maturing in 2024 and 2025, but this did not prevent S&P Global from downgrading its ratings.In a statement, Vedanta Resources said the fundraising will help “create a long-term sustainable capital structure” and demonstrate its continued ability to access global capital markets and investor confidence in the underlying business.Without disclosing the names of the lenders, it said loans have been raised from a group of reputable financial institutions to refinance existing liabilities.In parallel, the company is seeking the consent of existing bondholders to extend the debt maturity...

Troubled Meenakshi Energy Ltd becomes wholly-owned arm of Vedanta

27Dec

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Troubled Meenakshi Energy Ltd becomes wholly-owned arm of Vedanta

Anil Agarwal-promoted Vedanta on Wednesday said Meenakshi Energy Ltd has become its wholly-owned subsidiary. The National Company Law Tribunal had earlier approved Vedanta's acquisition of Meenakshi Energy for Rs 1,440 crore. "Meenakshi has allotted 10,00,000 fully paid-up equity shares of Rs 10 each amounting to equity capital of Rs 1 crore to the company, consequent to which, Meenakshi has become a wholly-owned subsidiary of the company with effect from December 27," Vedanta said in a regulatory filing. Vedanta had earlier said that it will acquire bankrupt thermal power company Meenakshi Energy for Rs 1,440 crore through an insolvency process. "This letter is in continuation to the stock exchange announcements made by Vedanta Limited (the company) vid...

Vedanta posts net loss of Rs 1,783 crore in Q2

4Nov

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Vedanta posts net loss of Rs 1,783 crore in Q2

NEW DELHI: Anil Agarwal-led Vedanta Ltd on Saturday reported a consolidated net loss of Rs 1,783 crore for the second quarter ended September 2023 on account of one-time exceptional item because of adoption of new tax rate.The company had posted a consolidated net profit of Rs 1,808 crore in the year-ago period, Vedanta Ltd said in a filing to BSE.The consolidated income of the company in the July-September period increased to Rs 39,585 crore from Rs 37,351 crore in the year-ago period.Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is a diversified global natural resources company with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, aluminium and power across India, South Africa and Namibia. !(function(f, b, e, v, n, t, s) { function loadFBEven...

Anil Agarwal’s Vedanta to split biz into 6 companies to unlock value

29Sep

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Anil Agarwal’s Vedanta to split biz into 6 companies to unlock value

Anil Agarwal-promoted Vedanta Ltd on Friday announced its board had approved a pure-play, asset-owner business model that would ultimately result in six separate listed firms. The restructuring is expected to be completed in 12-15 months, company executives said. The proposed plan entails five new listed firms — Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, and Vedanta Base Metals — in addition to Vedanta Ltd. “We believe (the demerger) will unlock value and potential for faster growth in each vertical,” said Agarwal, chairman of Vedanta Ltd. Vedanta Ltd is expected to act as an incubator and house the shareholding in Hindustan Zinc and some of the company’s new businesses, including nickel, facor and the display ...

US firm Micron set to break ground for semiconductor unit in Gujarat; project okayed at record speed

20Sep

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US firm Micron set to break ground for semiconductor unit in Gujarat; project okayed at record speed

In a significant development, Micron Technology will break ground for its semiconductor testing and assembly plant in Sanand, Gujarat, this Saturday, just three months after announcing its intention to establish the facility. The project, coming up with a proposed investment of $2.75 billion, marks the largest investment under the India Semiconductor Mission (ISM), according to an ET report. While Micron will contribute $825 million, subsidies will cover the remainder. The plant is projected to become operational by late 2024.“The whole world is watching our semiconductor programme,” Union Minister Ashwini Vaishnaw was quoted as saying. This is the first proposal approved by the government under the ISM. The deal was signed during Prime Minister Narendra Modi's visit to the United States ...

Vedanta plans to meet investors as it faces $2 billion debt bill

7Sep

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Vedanta plans to meet investors as it faces $2 billion debt bill

Vedanta Resources Ltd. is planning to meet bondholders in Singapore and Hong Kong, people familiar with the matter said, as the junk-rated Indian miner faces repayment of about $2 billion of notes next year.The non-deal roadshow would take place as soon as next week, said some of the people, who asked not to be named because the matter is private. JPMorgan Chase & Co. and Standard Chartered Plc are helping to organize the event, according to others.The global increase in borrowing costs has raised the stakes for billionaire Anil Agarwal’s firm, which must redeem a record amount of bonds next year. Several of the group’s bonds are trading below 75 cents on the dollar, at levels considered indicative of distress. S&P Global Ratings lowered its outlook on Vedanta’s B- rating to negat...

Nifty holds 19,500, down 50pts; Paytm, Nykaa jump 3%

6Sep

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Nifty holds 19,500, down 50pts; Paytm, Nykaa jump 3%

Stock market LIVE updates: The benchmark S&P BSE Sensex weakened in noon deals owing to selling pressure in IT, metal and financial shares. The BSE Sensex touched a low of 45,488, but thereafter recovered partially and was down 150 points at 65,520 levels. The Nifty50 was seen holding the 19,500-mark. ...Read More

Kcm: Zambia agrees to hand disputed copper assets back to India’s Vedanta

5Sep

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Kcm: Zambia agrees to hand disputed copper assets back to India’s Vedanta

LUSAKA: Zambia has agreed to return control of Konkola Copper Mines (KCM) to Vedanta Resources, mines minister Paul Kabuswe said on Tuesday, ending a row over the ownership of the assets that erupted in 2019 when authorities seized the mines. The government, which owns a 20% stake in KCM through ZCCM-IH, will allow Vedanta to resume control and operate KCM's mines and smelter after the company renewed a pledge to invest more than $1.2 billion to increase output and repay outstanding debts, Kabuswe said. A shareholders' agreement is being reworked to make the commitments from both shareholders legally binding, Kabuswe added. The legal details of the agreement and reinstatement of the KCM board, would be finalised within the next three months, the minister said. Ties between Zambia and Ved...