The Nifty Metal index was trading 1.92 per cent up at 1708.7 .
The following release was issued today by Vedanta Limited's subsidiary Hindustan Zinc Limited.
Vedanta's promoters have decided to take the company private. The company has been investing in capital assets year-over-year to the extent that the fixed asset
Does Vedanta Ltd (NYSE:VEDL) represent a good buying opportunity at the moment? Let’s quickly check the hedge fund interest towards the company. Hedge fund firms constantly search out bright intellectuals and highly-experienced employees and throw away millions of dollars on satellite photos and other research activities, so it is no wonder why they tend to […]
(Bloomberg) -- Vedanta Ltd.’s plans to sell a minority stake in its Indian oil unit have stalled after a collapse in crude prices, according to people familiar with the matter.The Mumbai-listed company, backed by tycoon Anil Agarwal, was seeking to raise more than $1 billion by selling at least 20% of its Cairn Oil & Gas business, the people said. The crash in energy prices and the Covid-19 pandemic have made it difficult for potential investors to gauge Cairn’s business outlook, said the people, who asked not to be identified as the information is private.While the stake sale talks could resume when oil prices stabilize, Vedanta may also explore other fundraising options to reduce its debt, the people said.A representative for the firm’s London-based holding company, Vedanta Resources Ltd., declined to comment on the status of the sale plans. The group is “well positioned” with sufficient liquidity to manage any temporary supply chain disruptions, the representative said.Cairn is the country’s biggest private oil and gas producer, contributing about 25% of the nation’s domestic crude oil production, according to its website. It has interests in 58 blocks in India.Shares of Vedanta Ltd. fell 48% in Mumbai this year, giving the company a market value of about 295 billion rupees ($3.9 billion).(Updates with Vedanta’s share price in final paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Nifty Metal index was trading 0.77 per cent up at 1727.05 .
The billionaire behind Vedanta surprised many with his decision to delist the firm.
Diversified mining company Vedanta Ltd said on Tuesday it will invest $650 million in its new oil and gas blocks that it won in the government's last two rounds of auctions, chief executive of its oil and gas division Ajay Kumar Dixit said on Tuesday in New Delhi. It had won a total of 53 oil and gas blocks under the government's open acreage licensing policy (OALP) and Discovered Small Field (DSF) rounds, Dixit said. The company intends to invest 200 billion rupees ($2.9 billion) in exploration and production of oil and gas over the next three years which includes its existing and new fields, Vedanta's chairman Navin Agarwal said on Thursday.
Sunil Duggal, current head of Vedanta unit Hindustan Zinc Ltd, will take over as interim CEO. Venkatakrishnan, who was previously CEO of South African miner AngloGold Ashanti Ltd, took over as Vedanta chief in 2018 amid a rebound in metal prices.
Moody's Investors Service has downgraded Vedanta Resources Limited's (Vedanta) corporate family rating (CFR) to B1 from Ba3. Moody's has also downgraded the rating on senior unsecured bonds issued by Vedanta and those issued by its wholly owned subsidiary, Vedanta Resources Finance II Plc and guaranteed by Vedanta, to B3 from B2. "Today's downgrade of Vedanta's ratings was triggered by a sustained deterioration in the company's credit profile, and our expectation that its credit metrics will remain weak for the previous ratings," says Kaustubh Chaubal, a Moody's Vice President and Senior Credit Officer.
Vedanta's promoters have decided to take the company private. The company has been investing in capital assets year-over-year to the extent that the fixed asset
The Nifty Metal index was trading 2.57 per cent up at 1759.1.
Vedanta Limited today announced its unaudited consolidated results for the Third quarter (Q3) ended 31st December 2019.
The Nifty Metal index was trading 5.19 per cent up at 1813.2 .
The Indian economy is growing. Political stability under Modi- Global tensions toward China. Inflationary pressures will lift commodity prices. Vedanta Limited- an Indian natural resources company. VEDL is inexpensive.
The Nifty Metal index was trading 0.13 per cent up at 1695.8 .
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]
The company said it will delist the unit from all stock exchanges and was willing to accept shares tendered in the offer at 87.5 Indian rupees ($1.16) per equity share, a premium of 9.9% on Monday's closing stock price, but a discount of 1.7% over Tuesday's closing. "Due to the impact of Covid 19 pandemic, we have accelerated the strategy in this challenging environment to ensure support for meaningful deleveraging and to enable us to continue to invest in the growth of the business," Vedanta Group Chairman Anil Agarwal said. Bloomberg had earlier reported https://www.bloomberg.com/news/articles/2020-05-12/billionaire-agarwal-is-said-to-explore-buyout-of-india-s-vedanta that billionaire Agarwal was exploring a potential deal to take Vedanta Ltd private.
Merger activity sputtered to a stop again last week with no new deals announced. Tetraphase Pharmaceuticals (TTPH) received an unsolicited proposal from Melinta Therapeutics. Shareholders of Legg Mason (LM) approved the company’s merger with F…
"Production grows as expansion projects approach completion" The following release was issued today by Vedanta Limited's subsidiary Hindustan Zinc Limited Highlights for the quarter Refined metal ...
(Bloomberg) -- Billionaire Anil Agarwal plans to take Indian commodities giant Vedanta Ltd. private as the tycoon continues to simplify his investments.The businessman is proposing a price of 87.5 rupees ($1.16) per share to buy the 49.9% he doesn’t own of the company from minority investors, a 9.9% premium over Monday’s closing price, his holding company said in a statement Tuesday. The announcement confirmed an earlier story by Bloomberg News.Vedanta shares jumped as much as 10.3% to 98.2 rupees in early Wednesday trading in Mumbai. The stock slumped about 40% this year, giving the company a market value of about $4.5 billion. Taking the Indian unit private is the “next logical step” in its simplification process and will provide more financial flexibility, Vedanta said in the statement.“Due to the impact of Covid-19 pandemic, we have accelerated the strategy in this challenging environment,” Agarwal said in the statement. “The proposed transaction will transform the group’s credit profile while offering a fair exit price to minority shareholders.”Vedanta is working with JPMorgan Chase & Co. on the plans and the bank is helping the company raise financing for the deal.Agarwal’s Volcan Investments Ltd. has in the past taken his London-listed Vedanta Resources Ltd. private as the entrepreneur sought to simplify the corporate structure of his resources group. He had said at that time that a London listing was no longer necessary for the company thanks to “the maturity of the Indian capital markets.” Vedanta Resources’ 2022 dollar bond rose by a record on Wednesday.India Tycoon’s $1 Billion Oil Unit Stake Sale Said to Stall A self-made billionaire, Agarwal has been a prolific dealmaker in the past few years as he sought to grow his metals-to-oil-and-gas empire into a resources conglomerate like BHP Group. Until last year, he was the largest shareholder of Anglo American Plc, triggering speculation that Agarwal was planning to push for a major change, such as a takeover or breakup. In the end, the tycoon decided to exit his investment because his returns were “achieved even sooner than expected.”Last year, investors expressed concern over corporate governance at the Mumbai-listed company when its subsidiary Cairn India Holdings Ltd. bought an economic interest in Anglo American from parent Volcan Investments for $200 million. That led to fears that the parent would use more of the company’s cash to serve its funding needs. Vedanta subsequently unwound the trade around the time Agarwal exited his stake in Anglo American.“Vedanta trades at a huge discount to its intrinsic value given that there were some corporate governance issues which met with serious objections from large institutional shareholders,” Sanjiv Bhasin, executive vice president at IIFL Securities Ltd. “Possibly he wants to get a fair multiple and he is thinking of withdrawing it because of the sheer low market cap which he gets.”Agarwal’s fortune has been built on a series of ambitious acquisitions: In 2001, he bought control of then government-owned Bharat Aluminium Co. in one of the first tests of India’s efforts to offload state holdings. He followed that up with the purchase of another government entity, Hindustan Zinc Ltd. He successfully bid for what was India’s largest iron ore producer Sesa Goa Ltd. in 2007 and for Cairn India, despite having no oil and gas experience.(Updates Vedanata’s share price and market value in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Nifty Metal index was trading 2.17 per cent up at 1748.65.
PAT 1 higher by 61% y-o-y Industry leading EBIDTA2 margin at 25 % Net debt reduced by ₹ 8,322 crore Net Debt/EBITDA at 0.9 x lowest among Indian peers MUMBAI, India , Nov. 14, 2019 /PRNewswire/ -- Vedanta ...
Q1 EBITDA at ₹ 5,188 crore , robust margin of 27% Q1 Att. PAT1 at ₹ 1,351 crore , down 12% y-o-y MUMBAI, India , July 26, 2019 /PRNewswire/ -- Vedanta Limited today announced its unaudited consolidated ...
Moody's Investors Service has today placed Vedanta Resources Limited's B1 corporate family rating (CFR) under review for downgrade. Moody's has also placed under review for downgrade the B3 ratings on the senior unsecured bonds issued by Vedanta and those issued by its wholly-owned subsidiary, Vedanta Resources Finance II Plc, and guaranteed by Vedanta. More specifically, the weaknesses in Vedanta's credit profile, including its exposure to various commodities, have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions, and Vedanta remains vulnerable to the outbreak continuing to spread.
The Nifty Metal index was trading 1.89 per cent up at 1835.3.
NEW DELHI/BENGALURU, May 31 (Reuters) - Global mining conglomerate Vedanta Resources said on Friday it was seeking international arbitration over Zambia's appointment of a provisional liquidator to run the company's Konkola Copper Mines (KCM) business. Vedanta said on Friday its executives were unable to visit its KCM operation and engage with local management, in a setback to efforts to ease tensions amid a legal battle with Africa's second-biggest copper producer.
MUMBAI, India, July 26, 2019 /PRNewswire/ -- Cairn India Holdings Limited (CIHL), an overseas subsidiary of the Company, and Volcan Investments Limited have agreed to unwind entirely the structured investment entered between them in December 2018 ahead of the originally envisaged schedule. With this, Volcan will exercise the early exchange option available to it on 26 July 2019 and consequent to this the full exchange of its two issues of mandatory exchangeable bonds secured by shares in Anglo American plc, will settle on 12 August 2019. The share price of Anglo American has close to doubled, since Volcan invested, delivering attractive gains to all investors.