Page 4 - Vedanta

Vedanta's Cairn Oil & Gas announces appointment of Nick Walker as new CEO

Walker comes into Cairn Oil & Gas after Prachur Sah quit the firm to join Indus Towers Ltd as managing director and CEO effective January 3, 2023

Stocks to Watch: Adani Ent, IndusInd Bank, Coal India, HUL, Asian Paints

Stocks to watch today: Metals and mining major Vedanta will acquire debt-laden power plant Meenakshi Energy for Rs 1,440 crore

Vedanta to acquire debt-laden Meenakshi Energy for Rs 1,440 crore

Meenakshi Energy was admitted under insolvency resolution in 2019

Govt sticks to demand for increased share in Barmer oil & gas block

The SC has been hearing a dispute between Vedanta and the federal government related to an extension of the production-sharing contract for the Barmer asset in the western state of Rajasthan

Total aluminum production dropped by 2% to 566,000 tonnes in Q3: Vedanta

Vedanta on Tuesday said that its total aluminum production dropped by 2 per cent to 5,66,000 tonnes in the third quarter of the current fiscal. The company's total aluminum output stood at 5,79,000 tonnes in the year-ago period. "Alumina production at Lanjigarh refinery decreased by 6 per cent YoY and 2 per cent QoQ to 443kt due to maintenance activities in calciners," Vedanta said in a filing to BSE. The company said at Zinc India, the mined metal production increased marginally by 1 per cent to 2,54,000 tonnes in the third quarter. Production of saleable iron ore in Karnataka rose 17 per cent to 1.5 million tonnes (MT) in the third quarter over 1.2 MT in the year-ago period. The finished steel production in Q3 dropped to 3,06,000 tonnes from 3,50,000 tonnes in the corresponding quarter of the previous fiscal.

After the year of reset, businesses now poised to truly get back in form

Some firms braved the headwinds and stepped on the gas, others played it safe; green energy turned a bright spot

Hind Zinc prepares Rs 10,000-cr blueprint for green energy, diversification

Company working on decarbonising operations; to set up fertiliser plant in the next two years, says CEO

Vedanta says declared as preferred bidder for Bicholim mineral block in Goa

Vedanta Ltd on Friday said it has been declared as a preferred bidder for Bicholim mineral block in Goa. The iron ore mines has resources of 84.92 million tonnes. "The company has been declared as 'preferred bidder' in respect of e-auction of Block I - Bicholim Mineral Block based on highest final price offer of 63.55 per cent submitted by the company," Vedanta said in a filing to BSE. Goa had earlier invited tenders to participate in electronic auction for grant of mining lease in respect of iron ore mines in the state. The grant of mining lease by the Government of Goa in respect of aforesaid mine will be subject to making of necessary payments, completion of other terms and conditions of the tender document, obtaining of necessary approvals from various government departments and execution of necessary agreements in the matter.

Vedanta announces incentives for purchase of electric vehicles by employees

Globally diversified natural resources firm Vedanta Ltd on Tuesday said it has rolled out an EV policy for its employees, under which incentives ranging from 30 to 50 per cent will be provided on purchase of electric vehicles. As part of its commitment towards net-zero carbon, the company has pledged 100 per cent of its light motor vehicles to be decarbonised by 2030. The incentives would be given to various employee grades for purchase of four- and two-wheeler electric vehicles (EVs), it said. The EV Policy will come into effect for vehicles bought from this month onwards. It will lead to increased adoption of EVs amongst employees and drive the mindset change aiding India's green mobility push for a sustainable future, Vedanta Ltd Group CEO Sunil Duggal said. Vedanta is committed to reduce carbon emissions to zero by 2050 or sooner and aims to spend USD 5 billion over the next 10 years to expedite the transition.

HZL to spend over $1 bn in shift to turn into a green energy user

The Vedanta group firm Hindustan Zinc (HZL), which is the world's second-largest manufacturer of the metal, is planning to invest over USD 1 billion (around Rs 8,270 crore) to convert its diesel-fired mining vehicles into battery-operated ones and also to fully turn a green energy user, over the next five years. The Udaipur-based company, which is also the sole manufacturer of silver and the largest maker of zinc and lead in the country, is already running four of its 900 mining vehicles on battery on a pilot basis. The company with an annual production of 1 million tonne zinc, up from 1 lakh tonne when it was privatized by the government in 2002, also expects stable demand in the March quarter despite the growing fears of a global recession, its chief executive Arun Misra told PTI over the weekend. The government still owns 29 per cent in the cash-rich HZL and has three board members as well. On this, Misra said he recently met the government officials in New Delhi and the full ...

Sensex tanks 461 pts, Nifty below 18,300 amid global rout; all sectors fall

CLOSING BELL: Among sectors, the Nifty PSU Bank index sunk the most, down nearly 3 per cent. This was followd by losses in the Nifty Realty, Pharma, and Media indices, down over 1 per cent each

Stocks to watch: Wipro, Vedanta, HPCL, RIL, Kalpataru Power, Biocon

Stocks to watch today: Wipro inked multi-year digital transformation partnership with fintech firm Finastra; HPCL aims to raise around Rs 10,000 crore in debt to fund oil refining operations

4 workers injured in fire incident at Vedanta ESL Steel plant in Jharkhand

Four workers associated with ESL Steel Ltd, a Vedanta Group firm, were injured due to a fire incident at its plant in Jharkhand's Bokaro district, an official said on Thursday. All the injured persons, who are residents of neighbouring West Bengal, were admitted to the Bokaro General Hospital, he said. The condition of one of the four is stated to be critical as he suffered an 80 per cent burn injury, said Chas Circle Officer Dilip Kumar who visited the plant. The facility is situated under the Chandankyari block of the district. "Four workers were injured in the incident. The administration would initiate a probe into it," Kumar said. "There was a fire incident around 10:30 am in MRSS Substation caused by flashover. Four workers of LB Engineering team suffered burn injuries. They were taken to BGH for treatment," a company official said. The injured workers were doing maintenance work when the incident occurred, he said. In September last year, three employees of ThyssenKrupp .

Vedanta emerges as successful bidder for Bicholim mining block in Goa

In a development paving the way for resumption of iron ore mining in Goa, the state government announced on Wednesday that Vedanta Limited has emerged as successful bidder for a mining block auctioned earlier this year. Chief Minister Pramod Sawant told reporters that Vedanta was the highest bidder with 63.55 per cent revenue for Bicholim Mining Block, spread over 485 hectares. The state government had started the process to auction four mining blocks in the state including the Bicholim one earlier this year. The existing block was being operated by Vedanta itself before iron ore mining was stopped in the coastal state on the Supreme Court's orders in 2012. As many as 51 tender documents had been taken for the four blocks and eleven companies finally submitted their bids, Sawant said. Five companies had submitted bids for Bicholim Block, he added. State Director of Mines and Geology Suresh Shabhogue said the successful bidders will have to obtain fresh approvals including ...

Sensex gains 145 pts ahead of US Fed outcome; YES Bank slumps 8%, Paytm 2%

CLOSING BELL: The broader markets, on the other hand, outperformed the benchmark indices as the BSE MidCap and SmallCap indices advanced 0.59 per cent and 0.68 per cent, respectively

Stocks to watch: YES Bank, Paytm, Vedanta, SBI, Axis Bank, Tata Motors

Stocks to watch today: Private equity majors Carlyle Group and Advent picked 9.99 per cent stake in YES Bank; Paytm approved buyback of shares worth Rs 850 crore

Vedanta inks pacts with 30 Japanese firms for semiconductor manufacturing

Vedanta Group on Tuesday said that it has signed pacts with 30 Japanese technology companies to develop an Indian semiconductor and glass display manufacturing ecosystem. The pacts were signed at the Vedanta-Avanstrate Business Partners Summit 2022 held last week at Tokyo, Japan. The summit was attended by more than 200 delegates from over 100 global companies. The company is committed to make India a hub for electronics manufacturing. It is focussed on taking the lead in creating the electronics industry ecosystem rather than just technology transfers, Vedanta Global MD, display and semiconductor business, Akarsh K Hebbar said. The summit saw interests from a host of companies eager to be part of the ecosystem for India's semiconductor mission. Vedanta Ltd, an arm of Vedanta Resources Ltd, is one of the world's leading oil and gas and metals companies with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminium, and power across India, South Africa and

ONGC, IOCL, Vedanta's bonds worth $1.9 bn mature in FY23: Moody's

Three major oil and gas companies- Oil and Natural Gas Corporation Limited (ONGC), IOCL and Vedanta Resources Limited together have around USD 1.9 billion of rated US dollar bonds maturing next year, rating agency Moody's Investor Services has said. Capital markets are volatile and investor appetite remains selective, so refinancing risks will remain elevated particularly for high-yield issuers such as Vedanta, which accounts for around 47 per cent of the upcoming bond maturities, it opined in a report on December 1. Vendanta's USD 400 million (coupon rate 8 per cent) and another USD 500 million (7.125 per cent) bonds would mature on April 23 and May 31 next year respectively while ONGC's USD 500 million bonds (3.75 per cent) and IOCL's USD 500 million bonds (5.75 per cent) would mature on August 1 and May 7 next year respectively, it said. The rating agency also said the weakening rupee is credit negative for Indian companies that generate revenue in the domestic currency but depen

Stocks to Watch: PB Fintech, NMDC, Axis Bank, Yes Bank, ONGC, Auto, Airline

Stocks to Watch Today: SoftBank Group is likley to sell a 5 per cent stake in PB Fintech via block deal at a base price of Rs 440 per share on Friday.

Considering options on Electrosteel: Vedanta Resources' Anil Agarwal

"But it has to have world-class capacity, and cannot be a small plant. We have a capacity of about 3 million tonnes (mt)... we are contemplating. We have to take it to 15-20 mt"