The London-based Vedanta group is highly leveraged with Rs 1.03 trillion in debt. Its debt-equity ratio stood at 2.2 times last fiscal.
ICICI Direct is bullish on Vedanta has recommended buy rating on the stock with a target price of Rs 375 in its research report dated April 19, 2018.
Edelweiss is bullish on Vedanta has recommended buy rating on the stock with a target price of Rs 425 in its research report dated April 18, 2018.
The NCLT in an order said that the "resolution plan of corporate debtor Electrosteel Steels Ltd which is approved by the CoC with a voting share of 100 per cent under section 31 (1) of the Insolvency & Bankruptcy Code 2016" has been approved.
"A prolonged shutdown would be credit negative for Vedanta because of the potential loss of revenue and earnings from its copper operations in India," the rating agency said in a statement.
For India, the opportunity knocks on two forms. One, Indian companies will be able to increase supply as a result of rising demand. Two, they will benefit from higher international aluminium prices.
Mining mogul Anil Agarwal-led Vedanta Resources plc today announced the appointment of Srinivasan Venkatakrishnan as the new chief executive of the company, replacing interim CEO Kuldip Kaura.
Net Sales are expected to increase by 10.2 percent Y-o-Y (up 1.9 percent Q-o-Q) to Rs. 24,818.5 crore, according to ICICI Direct.
"There is a significant potential for performance improvement post completion of project and capacity ramp up. We perceive it as prudent capital allocation. We have a buy rating with target price of Rs 425," says Sumit Bilgaiyan, Founder of Equity99.
Prasad said that valuations are fairly attractive for stocks like Hindalco or Vedanta. Going forward, earnings for metal cos will depend on how the global situation pans out.
The apex court had in February quashed the second renewal of 88 iron ore mining leases in Goa in 2015 and had asked the firms to stop all mining operations from March 16 until fresh mining leases and environmental clearances were granted to them.
Edelweiss is bullish on Vedanta has recommended buy rating on the stock with a target price of Rs 425 in its research report dated April 2, 2018.
Anil Agarwal group-owned Vedanta said it has won the bid to acquire bankrupt Electrosteel Steels in an insolvency auction.
The news of the maintenance activity, which Vedanta said was earlier scheduled for April, comes amid local media reports that thousands had taken to the streets and shut shops in Thootukudi to protest against the expansion of the smelter.
“Nifty breaking out 10,160 is likely, 10,230 is the next resistance.” says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.
The reaction to the US-China trade war on equity markets was nothing short of a bloodbath. Asian markets plunged while back home Sensex and Nifty recorded a cut of over 1 percent. The rout witnessed by the Indian market on Friday has eroded Rs 1.57 crore of investor wealth.
The company in a filing to the BSE said that the board-appointed committee of directors in a meeting today approved issuing "on a private placement basis up to 4,500 secured, rated, non-cumulative, redeemable, non-convertible debentures of face value Rs 10,00,000 each aggregating up to Rs 4,500 crore".
Vedanta had submitted an Expression of Interest (EoI) for Essar Steel but did not bid for the bankrupt steel maker which owes over Rs 45,000 crore to its lenders.
In this regard, the company will hold a meeting of its duly constituted Committee of the Directors on March 23, 2018.
The record date for the purpose of payment of the first interim dividend to equity shareholders and dividend to preference shareholders is fixed as March 21.
Terming the mining ban in Goa as an unfortunate even, Anil Agarwal of Vedanta said it will send wrong signals to investors.
"The board of directors has approved second interim dividend of 300 per cent i.e. Rs 6 per share.. entailing an outflow of Rs 3,051 crore," the company said in a filing to BSE.
"The appointment of U K Sinha as an additional non-executive independent director on the Board for a fixed term from March 13, 2018 till August 10, 2021 (on recommendation of nomination and renumeration committee) to hold office till the ensuing AGM of the company," Vedanta said in a filing to BSE.
The Nifty PSU banking index jumped 3.66 percent led by Bank of India which zoomed over 9 percent intraday on the back of recovery of Rs 7,000 crore from other banks. Punjab National Bank was up 4.3 percent while Andhra Bank zoomed over 5 percent.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell Tata Steel, Adani Enterprises, JSW Steel and Vedanta and can buy L&T Finance and Piramal Enterprises.