VEDL
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Vedanta Ltd - Extends Timeline For Scheme Of Arrangement Conditions To March 31, 2026
Sept 30 (Reuters) - Vedanta Ltd VDAN.NS:
VEDANTA LTD - EXTENDS TIMELINE FOR SCHEME OF ARRANGEMENT CONDITIONS TO MARCH 31, 2026
VEDANTA - TIMELINE EXTENDED FOR SCHEME OF CO, VEDANTA ALUMINIUM METAL, TALWANDI SABO POWER
Source text: ID:nBSE9m60Ft
Further company coverage: VDAN.NS
Sept 30 (Reuters) - Vedanta Ltd VDAN.NS:
VEDANTA LTD - EXTENDS TIMELINE FOR SCHEME OF ARRANGEMENT CONDITIONS TO MARCH 31, 2026
VEDANTA - TIMELINE EXTENDED FOR SCHEME OF CO, VEDANTA ALUMINIUM METAL, TALWANDI SABO POWER
Source text: ID:nBSE9m60Ft
Further company coverage: VDAN.NS
Singapore reviewing short seller claim against India's Vedanta, documents show
Short seller claims Vedanta improperly boosted dividends
Vedanta calls allegations baseless
Says it has not been contacted by Singapore police
By Clara Denina
LONDON, Sept 19 (Reuters) - The Singapore Police Force is reviewing a complaint by short seller Viceroy Research that natural resources conglomerate Vedanta Ltd VDAN.N improperly funded its 2024 dividend, documents viewed by Reuters show.
Vedanta Ltd told Reuters it had paid all dividends in full compliance with applicable laws, calling Viceroy's allegations "baseless".
"We maintain that the allegations in the short seller's dubious 'reports' are malicious and ill-informed, and the company unequivocally rejects them," the company said.
It added that no SPF investigation was under way and it had not been contacted by Singapore police. Vedanta previously rejected separate earlier accusations made by Viceroy in July.
The SPF declined to comment on the matter when contacted by Reuters.
ALLEGATIONS OF BOOSTED DIVIDENDS
India-based Vedanta Ltd specialises in the exploration, extraction and processing of minerals, along with oil and gas.
In an August 7 letter to the SPF, seen by Reuters, U.S.-based Viceroy alleged the company propped up its dividend by using a $900 million loan from Oaktree Capital Management.
Viceroy said Vedanta Ltd, which is valued at roughly $20 billion, used the loan and accounting tricks to make its reserves look bigger on paper and make a payout to investors that was not backed by real cash earnings. It later repaid the loan and reversed write-offs through entities domiciled in Singapore.
Viceroy stated that its conclusions are primarily drawn from publicly available reports, forensic analyses of Vedanta Ltd's filings and site visits to its assets.
In an email seen by Reuters, the SPF replied to Viceroy's complaint, assigning it a reference number indicating it was reviewing the matter.
UK-based Vedanta Resources owns 56% of Vedanta Ltd, while the rest is held by institutional shareholders.
In July, Viceroy published a report saying it had taken a short position against the debt of Vedanta Resources, alleging that the British firm was "systematically draining" its Indian unit, which Vedanta Ltd disputed.
It also alleged that Vedanta Ltd's dividend policy serves its parent's financing needs, not its own cash flow, adding that billions of dollars in disputed expenses were hidden off its balance sheet.
A spokesperson for the Indian firm said at the time that the report was "a malicious combination of selective misinformation and baseless allegations."
Vedanta Ltd has been under pressure since India's government objected to a demerger plan into four separate entities launched by Chairman Anil Agarwal in 2023, after an unsuccessful attempt to take the group private three years earlier.
As part of the plan, Vedanta Resources said last year it would focus on cutting its debt pile, bringing net debt down by $1.2 billion to $11.1 billion in fiscal 2025.
(Reporting by Clara Denina; Additional reporting by Florence Tan Editing by Veronica Brown and Joe Bavier)
(([email protected];))
Short seller claims Vedanta improperly boosted dividends
Vedanta calls allegations baseless
Says it has not been contacted by Singapore police
By Clara Denina
LONDON, Sept 19 (Reuters) - The Singapore Police Force is reviewing a complaint by short seller Viceroy Research that natural resources conglomerate Vedanta Ltd VDAN.N improperly funded its 2024 dividend, documents viewed by Reuters show.
Vedanta Ltd told Reuters it had paid all dividends in full compliance with applicable laws, calling Viceroy's allegations "baseless".
"We maintain that the allegations in the short seller's dubious 'reports' are malicious and ill-informed, and the company unequivocally rejects them," the company said.
It added that no SPF investigation was under way and it had not been contacted by Singapore police. Vedanta previously rejected separate earlier accusations made by Viceroy in July.
The SPF declined to comment on the matter when contacted by Reuters.
ALLEGATIONS OF BOOSTED DIVIDENDS
India-based Vedanta Ltd specialises in the exploration, extraction and processing of minerals, along with oil and gas.
In an August 7 letter to the SPF, seen by Reuters, U.S.-based Viceroy alleged the company propped up its dividend by using a $900 million loan from Oaktree Capital Management.
Viceroy said Vedanta Ltd, which is valued at roughly $20 billion, used the loan and accounting tricks to make its reserves look bigger on paper and make a payout to investors that was not backed by real cash earnings. It later repaid the loan and reversed write-offs through entities domiciled in Singapore.
Viceroy stated that its conclusions are primarily drawn from publicly available reports, forensic analyses of Vedanta Ltd's filings and site visits to its assets.
In an email seen by Reuters, the SPF replied to Viceroy's complaint, assigning it a reference number indicating it was reviewing the matter.
UK-based Vedanta Resources owns 56% of Vedanta Ltd, while the rest is held by institutional shareholders.
In July, Viceroy published a report saying it had taken a short position against the debt of Vedanta Resources, alleging that the British firm was "systematically draining" its Indian unit, which Vedanta Ltd disputed.
It also alleged that Vedanta Ltd's dividend policy serves its parent's financing needs, not its own cash flow, adding that billions of dollars in disputed expenses were hidden off its balance sheet.
A spokesperson for the Indian firm said at the time that the report was "a malicious combination of selective misinformation and baseless allegations."
Vedanta Ltd has been under pressure since India's government objected to a demerger plan into four separate entities launched by Chairman Anil Agarwal in 2023, after an unsuccessful attempt to take the group private three years earlier.
As part of the plan, Vedanta Resources said last year it would focus on cutting its debt pile, bringing net debt down by $1.2 billion to $11.1 billion in fiscal 2025.
(Reporting by Clara Denina; Additional reporting by Florence Tan Editing by Veronica Brown and Joe Bavier)
(([email protected];))
Vedanta Declared As 'Preferred Bidder' For Punnam Manganese Block
Sept 18 (Reuters) - Vedanta Ltd VDAN.NS:
DECLARED AS 'PREFERRED BIDDER' FOR PUNNAM MANGANESE BLOCK
Source text: ID:nBSE2yk6b3
Further company coverage: VDAN.NS
(([email protected];;))
Sept 18 (Reuters) - Vedanta Ltd VDAN.NS:
DECLARED AS 'PREFERRED BIDDER' FOR PUNNAM MANGANESE BLOCK
Source text: ID:nBSE2yk6b3
Further company coverage: VDAN.NS
(([email protected];;))
India's Vedanta to retain coal as base energy source, top executive says
By Sethuraman N R and Neha Arora
NEW DELHI, Sept 16 (Reuters) - Indian mining and metals conglomerate Vedanta Ltd VDAN.NS will continue to rely on coal as its primary energy source for mining operations while aiming to increase the share of renewable sources in its energy mix, a top executive said on Tuesday.
Coal accounts for nearly 70% of Vedanta’s energy mix, Deshnee Naidoo, chief executive officer of Vedanta Resources, said in an interview on the sidelines of FT Live Energy Transition Summit India.
"Coal will be, for us in Vedanta, the baseload contributor," Naidoo said.
The company, however, plans to raise the share of renewable energy in its operations by reducing its dependence on coal-based power to around 50–60% over the next three to four years, Naidoo said.
Vedanta is targeting a shift towards non-fossil sources, including solar, wind and hybrid models, to support its decarbonisation goals.
The company is exploring similar energy transitions in its overseas operations.
In Zambia, where Vedanta faces up to 20 hours of daily power cuts, it plans to build a 300-megawatt power facility - split equally between coal and renewables - to support its mining expansion.
ZAMBIA COPPER UNIT, LITHIUM MINING
Vedanta Resources has restored copper production at its Zambian unit to around 180,000-200,000 metric tons, levels last seen in 2018, Naidoo said. The company aims to ramp up output to 300,000 metric tons over the next three years.
"We're absolutely in production," the executive said.
However, the company does not have a timeline for listing the unit, Naidoo said.
Back in India, the company has no plans to venture into lithium mining, Naidoo said, adding that the country is yet to showcase its exploration potential.
(Reporting by Sethuraman NR; Editing by Jacqueline Wong)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
By Sethuraman N R and Neha Arora
NEW DELHI, Sept 16 (Reuters) - Indian mining and metals conglomerate Vedanta Ltd VDAN.NS will continue to rely on coal as its primary energy source for mining operations while aiming to increase the share of renewable sources in its energy mix, a top executive said on Tuesday.
Coal accounts for nearly 70% of Vedanta’s energy mix, Deshnee Naidoo, chief executive officer of Vedanta Resources, said in an interview on the sidelines of FT Live Energy Transition Summit India.
"Coal will be, for us in Vedanta, the baseload contributor," Naidoo said.
The company, however, plans to raise the share of renewable energy in its operations by reducing its dependence on coal-based power to around 50–60% over the next three to four years, Naidoo said.
Vedanta is targeting a shift towards non-fossil sources, including solar, wind and hybrid models, to support its decarbonisation goals.
The company is exploring similar energy transitions in its overseas operations.
In Zambia, where Vedanta faces up to 20 hours of daily power cuts, it plans to build a 300-megawatt power facility - split equally between coal and renewables - to support its mining expansion.
ZAMBIA COPPER UNIT, LITHIUM MINING
Vedanta Resources has restored copper production at its Zambian unit to around 180,000-200,000 metric tons, levels last seen in 2018, Naidoo said. The company aims to ramp up output to 300,000 metric tons over the next three years.
"We're absolutely in production," the executive said.
However, the company does not have a timeline for listing the unit, Naidoo said.
Back in India, the company has no plans to venture into lithium mining, Naidoo said, adding that the country is yet to showcase its exploration potential.
(Reporting by Sethuraman NR; Editing by Jacqueline Wong)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
India's Vedanta falls as analysts flag concerns on Jaiprakash Associates deal
Vedanta Says NCLT Approves Withdrawal Of Petition Pertaining To Scheme Providing For Capital Reorganization
Aug 29 (Reuters) - Vedanta Ltd VDAN.NS:
NCLT APPROVES WITHDRAWAL OF PETITION PERTAINING TO SCHEME PROVIDING FOR CAPITAL REORGANIZATION
WITHDRAWAL INVOLVING TRANSFER OF FUNDS AVAILABLE IN GENERAL RESERVE OF CO TO RETAINED EARNINGS
Source text: ID:nBSEDmyNy
Further company coverage: VDAN.NS
(([email protected];))
Aug 29 (Reuters) - Vedanta Ltd VDAN.NS:
NCLT APPROVES WITHDRAWAL OF PETITION PERTAINING TO SCHEME PROVIDING FOR CAPITAL REORGANIZATION
WITHDRAWAL INVOLVING TRANSFER OF FUNDS AVAILABLE IN GENERAL RESERVE OF CO TO RETAINED EARNINGS
Source text: ID:nBSEDmyNy
Further company coverage: VDAN.NS
(([email protected];))
BREAKINGVIEWS-Vedanta's deleveraging push has a trust issue
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Shritama Bose
MUMBAI, Aug 26 (Reuters Breakingviews) - Vedanta's VDAN.NS oil business may have landed it in a sticky situation. The Indian government is accusing the division of accounting lapses and citing that as its reason for opposing the Mumbai-listed $20 billion commodities conglomerate's plan to split into five separate units, first proposed in 2023. While founder and Chair Anil Agarwal and his group might be able to ease official concerns about the breakup, the lack of trust between the two sides is likely to prove harder to resolve.
India's Ministry of Petroleum and Natural Gas laid out its objection last week before the country's company tribunal, which is hearing a petition to approve the breakup.
One of the dozen or so official objections relates to a five-year-old legal tussle over dues from India's largest oilfield, Mint reported, citing an unnamed source. Vedanta subsidiary Cairn Oil & Gas operates the site and shares revenue from it with the government. The ministry is taking issue with Vedanta acting on a 2023 ruling that went in the company's favour by withholding $578 million owed to New Delhi, even though the appeals process is still underway.
The latest spat complicates Agarwal's overarching goal of shrinking the almost $6 billion debt pile, and its high interest payments, at the privately held parent Vedanta Resources and securing an investment-grade credit rating. Splitting the miner into individual units spanning aluminium to energy would create businesses that are easier for the market to appreciate, smoothing the way for the parent to sell shares in them to raise cash.
Vedanta's attempt to get New Delhi on board by offering corporate guarantees seems far-fetched. It has other options to assuage official concerns, such as by waiting for the Delhi High Court's final order or ring-fencing the oil asset. That's probably why its bonds shook off last week's development.
But Vedanta's friction with New Delhi goes beyond its planned split. The company had already modified it in December after the government resisted hiving off its base metals unit, in which the latter owns 29.5%. In 2023, Foxconn 2317.TW pulled out of a semiconductor partnership with the group after the government raised questions over the joint venture's application for incentives.
Vedanta Resources does, at least, have some time. Its finances seem to be on steady footing for up to 18 months, CreditSights analysts reckon. But breaking up the listed company offers the fastest way to cut debt. For as long as trust issues dominate relations with the government, the deleveraging plan will stay on ice.
Follow Shritama Bose on Linkedin and X.
CONTEXT NEWS
India's company law tribunal on August 20 deferred hearing Mumbai-listed Vedanta's plea to approve its plan to split into five units after the government raised objections to the proposal, CNBC-TV18 reported on the same day, citing court proceedings.
New Delhi accused the mining conglomerate of not disclosing key information related to the demerger and flagged concerns over inflated revenues and concealed liabilities, the report added.
India's Ministry of Petroleum and Natural Gas has raised over a dozen objections to the proposed breakup on grounds that it could hamper the government's ability to recover dues from the group, Mint reported separately on August 22, citing an unnamed person aware of the case.
The report added that the ministry's objections include concerns over Vedanta raising foreign loans by offering national oil assets as collateral and its withholding of $578 million in payments to New Delhi as part of a production-sharing agreement for India’s largest onshore crude oil block, operated by Vedanta subsidiary Cairn Oil & Gas.
Vedanta Resources' bonds took official objections in their stride https://www.reuters.com/graphics/BRV-BRV/znvnnqdgrvl/chart.png
(Editing by Antony Currie; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.
By Shritama Bose
MUMBAI, Aug 26 (Reuters Breakingviews) - Vedanta's VDAN.NS oil business may have landed it in a sticky situation. The Indian government is accusing the division of accounting lapses and citing that as its reason for opposing the Mumbai-listed $20 billion commodities conglomerate's plan to split into five separate units, first proposed in 2023. While founder and Chair Anil Agarwal and his group might be able to ease official concerns about the breakup, the lack of trust between the two sides is likely to prove harder to resolve.
India's Ministry of Petroleum and Natural Gas laid out its objection last week before the country's company tribunal, which is hearing a petition to approve the breakup.
One of the dozen or so official objections relates to a five-year-old legal tussle over dues from India's largest oilfield, Mint reported, citing an unnamed source. Vedanta subsidiary Cairn Oil & Gas operates the site and shares revenue from it with the government. The ministry is taking issue with Vedanta acting on a 2023 ruling that went in the company's favour by withholding $578 million owed to New Delhi, even though the appeals process is still underway.
The latest spat complicates Agarwal's overarching goal of shrinking the almost $6 billion debt pile, and its high interest payments, at the privately held parent Vedanta Resources and securing an investment-grade credit rating. Splitting the miner into individual units spanning aluminium to energy would create businesses that are easier for the market to appreciate, smoothing the way for the parent to sell shares in them to raise cash.
Vedanta's attempt to get New Delhi on board by offering corporate guarantees seems far-fetched. It has other options to assuage official concerns, such as by waiting for the Delhi High Court's final order or ring-fencing the oil asset. That's probably why its bonds shook off last week's development.
But Vedanta's friction with New Delhi goes beyond its planned split. The company had already modified it in December after the government resisted hiving off its base metals unit, in which the latter owns 29.5%. In 2023, Foxconn 2317.TW pulled out of a semiconductor partnership with the group after the government raised questions over the joint venture's application for incentives.
Vedanta Resources does, at least, have some time. Its finances seem to be on steady footing for up to 18 months, CreditSights analysts reckon. But breaking up the listed company offers the fastest way to cut debt. For as long as trust issues dominate relations with the government, the deleveraging plan will stay on ice.
Follow Shritama Bose on Linkedin and X.
CONTEXT NEWS
India's company law tribunal on August 20 deferred hearing Mumbai-listed Vedanta's plea to approve its plan to split into five units after the government raised objections to the proposal, CNBC-TV18 reported on the same day, citing court proceedings.
New Delhi accused the mining conglomerate of not disclosing key information related to the demerger and flagged concerns over inflated revenues and concealed liabilities, the report added.
India's Ministry of Petroleum and Natural Gas has raised over a dozen objections to the proposed breakup on grounds that it could hamper the government's ability to recover dues from the group, Mint reported separately on August 22, citing an unnamed person aware of the case.
The report added that the ministry's objections include concerns over Vedanta raising foreign loans by offering national oil assets as collateral and its withholding of $578 million in payments to New Delhi as part of a production-sharing agreement for India’s largest onshore crude oil block, operated by Vedanta subsidiary Cairn Oil & Gas.
Vedanta Resources' bonds took official objections in their stride https://www.reuters.com/graphics/BRV-BRV/znvnnqdgrvl/chart.png
(Editing by Antony Currie; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Vedanta Says Dividend 16 Rupees Per Share
Aug 21 (Reuters) - Vedanta Ltd VDAN.NS:
VEDANTA - DIVIDEND 16 RUPEES PER SHARE
VEDANTA - INTERIM DIVIDEND AMOUNTING TO 62.56 BILLION RUPEES
Source text: ID:nBSE65RFrh
Further company coverage: VDAN.NS
(([email protected];;))
Aug 21 (Reuters) - Vedanta Ltd VDAN.NS:
VEDANTA - DIVIDEND 16 RUPEES PER SHARE
VEDANTA - INTERIM DIVIDEND AMOUNTING TO 62.56 BILLION RUPEES
Source text: ID:nBSE65RFrh
Further company coverage: VDAN.NS
(([email protected];;))
Vedanta Says Reviewing Supreme Court Judgment On Foreign Trade Policy Benefits
Aug 20 (Reuters) - Vedanta Ltd VDAN.NS:
VEDANTA - REVIEWING SUPREME COURT JUDGMENT ON FOREIGN TRADE POLICY BENEFITS
VEDANTA - SUPREME COURT UPHELD APPELLATE TRIBUNAL FOR ELECTRICITY RULING IN CASE OF TALWANDI SABO POWER
Source text: ID:nBSE2y2yNK
Further company coverage: VDAN.NS
(([email protected];))
Aug 20 (Reuters) - Vedanta Ltd VDAN.NS:
VEDANTA - REVIEWING SUPREME COURT JUDGMENT ON FOREIGN TRADE POLICY BENEFITS
VEDANTA - SUPREME COURT UPHELD APPELLATE TRIBUNAL FOR ELECTRICITY RULING IN CASE OF TALWANDI SABO POWER
Source text: ID:nBSE2y2yNK
Further company coverage: VDAN.NS
(([email protected];))
India's Vedanta flips to YTD gains after plan to consider dividend issue
** Shares of Indian miner Vedanta VDAN.NS up 2.5% to 449 rupees
** Day's move flips stock to YTD gains territory, last up 1% so far in 2025
** Oils-to-metals conglomerate said its board will consider a plan to issue second interim dividend for FY26 on Thursday
** Trading vols 8.5 mln shares vs 30-day avg of 5.9 mln shares
** Stock, on an avg, rated "buy" with median TP 505 rupees - LSEG data
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
** Shares of Indian miner Vedanta VDAN.NS up 2.5% to 449 rupees
** Day's move flips stock to YTD gains territory, last up 1% so far in 2025
** Oils-to-metals conglomerate said its board will consider a plan to issue second interim dividend for FY26 on Thursday
** Trading vols 8.5 mln shares vs 30-day avg of 5.9 mln shares
** Stock, on an avg, rated "buy" with median TP 505 rupees - LSEG data
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
Vedanta Says Balco Gets Penalty Order Of 10.3 Million Rupees
Aug 14 (Reuters) - Vedanta Ltd VDAN.NS:
BALCO RECEIVES PENALTY ORDER OF 10.3 MILLION RUPEES
Source text: ID:nBSE4ll7s5
Further company coverage: VDAN.NS
(([email protected];))
Aug 14 (Reuters) - Vedanta Ltd VDAN.NS:
BALCO RECEIVES PENALTY ORDER OF 10.3 MILLION RUPEES
Source text: ID:nBSE4ll7s5
Further company coverage: VDAN.NS
(([email protected];))
India GreenLine to invest $46 million in electric truck fleet for Hindustan Zinc
Aug 4 (Reuters) - India's GreenLine Mobility Solutions said on Monday it will invest 4 billion rupees ($45.7 million) to boost its electric truck supply fleet for miner Hindustan Zinc HZNC.NS, replacing diesel vehicles.
Hindustan Zinc, which has set a 2050 net-zero carbon emission goal, will deploy electric trucks for the movement of materials between its mines and smelters, GreenLine said in a statement.
The funds will also be used to set up a commercial-scale battery-swapping infrastructure and double Hindustan Zinc's liquefied natural gas-powered truck fleet to 200 for long-haul finished goods transport, GreenLine said.
The company had in April pledged $275 million to accelerate decarbonization of heavy trucks, in a move to cut logistics-related emissions.
($1 = 87.5910 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Nidhi Verma and Shreya Biswas)
(([email protected]; X: @MukherjeeHritam;))
Aug 4 (Reuters) - India's GreenLine Mobility Solutions said on Monday it will invest 4 billion rupees ($45.7 million) to boost its electric truck supply fleet for miner Hindustan Zinc HZNC.NS, replacing diesel vehicles.
Hindustan Zinc, which has set a 2050 net-zero carbon emission goal, will deploy electric trucks for the movement of materials between its mines and smelters, GreenLine said in a statement.
The funds will also be used to set up a commercial-scale battery-swapping infrastructure and double Hindustan Zinc's liquefied natural gas-powered truck fleet to 200 for long-haul finished goods transport, GreenLine said.
The company had in April pledged $275 million to accelerate decarbonization of heavy trucks, in a move to cut logistics-related emissions.
($1 = 87.5910 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Nidhi Verma and Shreya Biswas)
(([email protected]; X: @MukherjeeHritam;))
Indian miner Vedanta misses quarterly profit estimates on weak aluminium prices
July 31 (Reuters) - Indian metals-to-oil conglomerate Vedanta VDAN.NS reported a quarterly profit that missed analysts' estimates, as a steep fall in aluminium and copper prices overshadowed strong local demand.
The miner's consolidated net profit declined to 31.85 billion rupees ($363.6 million) in the quarter ended June 30 from 36.06 billion rupees a year ago.
Analysts, on an average, expected a profit of 34.83 billion rupees, per data compiled by LSEG.
($1 = 87.6075 Indian rupees)
(Reporting by Manvi Pant and Anuran Sadhu; Editing by Mrigank Dhaniwala)
(([email protected]; +918447554364;))
July 31 (Reuters) - Indian metals-to-oil conglomerate Vedanta VDAN.NS reported a quarterly profit that missed analysts' estimates, as a steep fall in aluminium and copper prices overshadowed strong local demand.
The miner's consolidated net profit declined to 31.85 billion rupees ($363.6 million) in the quarter ended June 30 from 36.06 billion rupees a year ago.
Analysts, on an average, expected a profit of 34.83 billion rupees, per data compiled by LSEG.
($1 = 87.6075 Indian rupees)
(Reporting by Manvi Pant and Anuran Sadhu; Editing by Mrigank Dhaniwala)
(([email protected]; +918447554364;))
India's Hindustan Zinc beats quarterly profit estimates
Adds details and background from paragraph 3 onwards
July 18 (Reuters) - Hindustan Zinc HZNC.NS posted a bigger-than-expected first-quarter profit on Friday, as strong demand for the metal helped cushion the impact of prices that were pressured by geopolitical uncertainties.
India's top refined zinc producer's consolidated net profit fell 4.7% to 22.34 billion rupees ($259.2 million) for the quarter ended June 30, beating analysts' estimate of 21.02 billion rupees, per data compiled by LSEG.
Demand for zinc, which is commonly used to coat steel to prevent corrosion, grew on the back of strong local demand for the alloy, with crude steel production rising 8.6% on-year in the country, analysts said.
However, metal prices came under pressure in the reported quarter as geopolitical tensions and uncertainty around U.S. trade policies dragged down industrial metals like zinc, copper and aluminum, squeezing producer margins.
Domestic zinc prices fell about 6% year-on-year and 7% quarter-on-quarter in the June-quarter, in line with global trends, according to brokerage Systematix Research.
In April, Hindustan Zinc CFO Sandeep Modi told Reuters that uncertainties over U.S. tariffs would delay a stabilisation in metal prices, but he maintained that "fundamentally prices will remain strong."
Benchmark zinc prices CMZN3 on the London Metal Exchange fell 3.5% in the quarter ended June 30.
Hindustan Zinc, which commands roughly three-fourths of India's zinc market, reported a 4% drop in total revenue from operations to 77.71 billion rupees.
($1 = 86.1750 Indian rupees)
(Reporting by Manvi Pant; Editing by Sumana Nandy and Chandini Monnappa)
(([email protected]; +918447554364;))
Adds details and background from paragraph 3 onwards
July 18 (Reuters) - Hindustan Zinc HZNC.NS posted a bigger-than-expected first-quarter profit on Friday, as strong demand for the metal helped cushion the impact of prices that were pressured by geopolitical uncertainties.
India's top refined zinc producer's consolidated net profit fell 4.7% to 22.34 billion rupees ($259.2 million) for the quarter ended June 30, beating analysts' estimate of 21.02 billion rupees, per data compiled by LSEG.
Demand for zinc, which is commonly used to coat steel to prevent corrosion, grew on the back of strong local demand for the alloy, with crude steel production rising 8.6% on-year in the country, analysts said.
However, metal prices came under pressure in the reported quarter as geopolitical tensions and uncertainty around U.S. trade policies dragged down industrial metals like zinc, copper and aluminum, squeezing producer margins.
Domestic zinc prices fell about 6% year-on-year and 7% quarter-on-quarter in the June-quarter, in line with global trends, according to brokerage Systematix Research.
In April, Hindustan Zinc CFO Sandeep Modi told Reuters that uncertainties over U.S. tariffs would delay a stabilisation in metal prices, but he maintained that "fundamentally prices will remain strong."
Benchmark zinc prices CMZN3 on the London Metal Exchange fell 3.5% in the quarter ended June 30.
Hindustan Zinc, which commands roughly three-fourths of India's zinc market, reported a 4% drop in total revenue from operations to 77.71 billion rupees.
($1 = 86.1750 Indian rupees)
(Reporting by Manvi Pant; Editing by Sumana Nandy and Chandini Monnappa)
(([email protected]; +918447554364;))
India's Vedanta Ltd rises, JPMorgan sees no financial stress at firm
** Shares of Vedanta Ltd VDAN.NS gain as much as 1.61% to 446.25 rupees after falling for two straight sessions
** Stock shed 3.75% over last two sessions after Viceroy Research disclosed a short position on parent Vedanta Resources' debt, alleging financial mismanagement and draining of resources of Vedanta
** JPMorgan says it sees no financial stress at Vedanta Ltd, citing stable cash flows and earnings excluding Hindustan Zinc HZNC.NS
** Notes Indian government's presence on Hindustan Zinc's board with three seats offers investors comfort
** Adds it remains comfortable with Vedanta Resources' leverage and governance at Hindustan Zinc despite the report
** Vedanta shares are down 1.2% in 2025 so far, underperforming the Nifty Metal index's .NIFTYMET 8.4% gain
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Shares of Vedanta Ltd VDAN.NS gain as much as 1.61% to 446.25 rupees after falling for two straight sessions
** Stock shed 3.75% over last two sessions after Viceroy Research disclosed a short position on parent Vedanta Resources' debt, alleging financial mismanagement and draining of resources of Vedanta
** JPMorgan says it sees no financial stress at Vedanta Ltd, citing stable cash flows and earnings excluding Hindustan Zinc HZNC.NS
** Notes Indian government's presence on Hindustan Zinc's board with three seats offers investors comfort
** Adds it remains comfortable with Vedanta Resources' leverage and governance at Hindustan Zinc despite the report
** Vedanta shares are down 1.2% in 2025 so far, underperforming the Nifty Metal index's .NIFTYMET 8.4% gain
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
Vedanta Group Responds To Viceroy Research Report, Says Report Issued Without Making Attempt To Contact Group
July 9 (Reuters) - Vedanta Ltd VDAN.NS:
VEDANTA GROUP RESPONDS TO VICEROY RESEARCH REPORT, SAYS REPORT ISSUED WITHOUT MAKING ATTEMPT TO CONTACT GROUP
VEDANTA GROUP SPOKESPERSON: AUTHORS OF REPORT HAVE TRIED TO SENSATIONALISE THE CONTEXT TO PROFITEER FROM MARKET REACTION
VEDANTA GROUP SPOKESPERSON: REPORT CONTAINS COMPILATION OF VARIOUS INFORMATION, WHICH IS ALREADY IN PUBLIC DOMAIN
Source text: [ID:]
Further company coverage: VDAN.NS
(([email protected];;))
July 9 (Reuters) - Vedanta Ltd VDAN.NS:
VEDANTA GROUP RESPONDS TO VICEROY RESEARCH REPORT, SAYS REPORT ISSUED WITHOUT MAKING ATTEMPT TO CONTACT GROUP
VEDANTA GROUP SPOKESPERSON: AUTHORS OF REPORT HAVE TRIED TO SENSATIONALISE THE CONTEXT TO PROFITEER FROM MARKET REACTION
VEDANTA GROUP SPOKESPERSON: REPORT CONTAINS COMPILATION OF VARIOUS INFORMATION, WHICH IS ALREADY IN PUBLIC DOMAIN
Source text: [ID:]
Further company coverage: VDAN.NS
(([email protected];;))
MEDIA-India's JSW, Blackstone, Serentica, Brookfield circle Vibrant Energy for acquisition - Mint
- Source link: (https://bitl.to/4lN7)
- Note: Reuters has not verified this story and does not vouch for its accuracy
(Bengaluru newsroom)
(([email protected]; +91 80 6749 1310;))
- Source link: (https://bitl.to/4lN7)
- Note: Reuters has not verified this story and does not vouch for its accuracy
(Bengaluru newsroom)
(([email protected]; +91 80 6749 1310;))
India's Hindustan Zinc falls 6% after Vedanta sells stake in $350 million block deal
Updates, changes sourcing
** Hindustan Zinc stock HZNC.NS down 6% at 457 rupees, its biggest intraday pct drop since April 4
** Parent Vedanta Ltd VDAN.NS sold a 1.6% stake in miner HZNC via a $350 million block deal at floor price of 452.50, according to a term sheet
** VDAN currently holds a little over 63% stake in HZNC
** Floor price at a 7% discount to last close
** Vedanta did not immediately respond to Reuters' request for a comment
** HZNC is top pct loser on Nifty mid-cap index .NIFMDCP100, which is down 0.3%; VDAN shares fall 0.8%
** About 120.9 mln shares change hands, 27.3x the 30-day avg
** YTD - HZNC up ~3%; Nifty mid-cap index up 2%
(Reporting by Sethuraman NR and Manvi Pant in Bengaluru)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected] ))
Updates, changes sourcing
** Hindustan Zinc stock HZNC.NS down 6% at 457 rupees, its biggest intraday pct drop since April 4
** Parent Vedanta Ltd VDAN.NS sold a 1.6% stake in miner HZNC via a $350 million block deal at floor price of 452.50, according to a term sheet
** VDAN currently holds a little over 63% stake in HZNC
** Floor price at a 7% discount to last close
** Vedanta did not immediately respond to Reuters' request for a comment
** HZNC is top pct loser on Nifty mid-cap index .NIFMDCP100, which is down 0.3%; VDAN shares fall 0.8%
** About 120.9 mln shares change hands, 27.3x the 30-day avg
** YTD - HZNC up ~3%; Nifty mid-cap index up 2%
(Reporting by Sethuraman NR and Manvi Pant in Bengaluru)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected] ))
Indian miner Hindustan Zinc approves $1.39 billion project
Recasts, adds details, background from paragraph 2 onwards
June 17 (Reuters) - Hindustan Zinc HZNC.NS, India's biggest producer of the refined metal, has approved a project worth 120 billion rupees ($1.39 billion) as it looks to ramp up capacity, the miner said on Tuesday.
The metals complex in the northern Indian state of Rajasthan will be set up using internal accruals and debt. It will operate at 250 kilo tonnes (KT) capacity and be at a location where the company already operates a zinc smelter.
The complex will be completed in 36 months.
Hindustan Zinc's existing capacity stands at 1129 KT per annum. The company is aiming to double its output and has forecast a project capex of $225 million-$250 million in the fiscal year 2026.
($1 = 86.1560 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)
(([email protected]; +918447554364;))
Recasts, adds details, background from paragraph 2 onwards
June 17 (Reuters) - Hindustan Zinc HZNC.NS, India's biggest producer of the refined metal, has approved a project worth 120 billion rupees ($1.39 billion) as it looks to ramp up capacity, the miner said on Tuesday.
The metals complex in the northern Indian state of Rajasthan will be set up using internal accruals and debt. It will operate at 250 kilo tonnes (KT) capacity and be at a location where the company already operates a zinc smelter.
The complex will be completed in 36 months.
Hindustan Zinc's existing capacity stands at 1129 KT per annum. The company is aiming to double its output and has forecast a project capex of $225 million-$250 million in the fiscal year 2026.
($1 = 86.1560 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)
(([email protected]; +918447554364;))
Vedanta Spokesperson Says Trump's Aluminium Tariff Damaging To Indian Industry
June 4 (Reuters) - Vedanta Ltd VDAN.NS:
TRUMP'S ALUMINIUM TARIFF DAMAGING TO INDIAN INDUSTRY THAT IS ALREADY UNDER PRESSURE FROM SURGING IMPORTS
VEDANTA SEEKS DUTY "GUARDRAILS" FOR THE ALUMINIUM INDUSTRY SIMILAR TO STEEL SECTOR - CO SPOKESPERSON
Further company coverage: VDAN.NS
(([email protected];))
June 4 (Reuters) - Vedanta Ltd VDAN.NS:
TRUMP'S ALUMINIUM TARIFF DAMAGING TO INDIAN INDUSTRY THAT IS ALREADY UNDER PRESSURE FROM SURGING IMPORTS
VEDANTA SEEKS DUTY "GUARDRAILS" FOR THE ALUMINIUM INDUSTRY SIMILAR TO STEEL SECTOR - CO SPOKESPERSON
Further company coverage: VDAN.NS
(([email protected];))
COLUMN-India's iron ore imports to trend higher, but it's no China: Russell
The views expressed here are those of the author, a columnist for Reuters.
By Clyde Russell
LAUNCESTON, Australia, June 3 (Reuters) - The rise of India's steel sector is touted as a boost for iron ore miners seeking to find new markets as China's output eases, but the reality is likely to fall short of the hype.
India's steel-making capacity is currently about 200 million metric tons per annum and the South Asian nation has ambitious plans to reach 300 million by 2030.
Working on the assumption that these plans come close to being realised, how does that alter the dynamics in the global seaborne iron ore market?
In order to get to an answer, it's important to work out how much of the demand for iron ore from the new steel mills can be met by India's own mines.
India is the fourth-largest iron ore miner and its production hit a record 289 million tons in the fiscal year from April 2024 to March 2025, according to preliminary government data.
This was up from the previous fiscal year's 277 million tons, but is also well short of what would be required to supply a 300 million tons per annum steel-making sector.
Depending on the grade of iron ore used, it takes about 1.6 tons to make one ton of steel using the blast furnace/basic oxygen furnace process, the most common method in both India and top steel producer China.
Is it possible that India's domestic iron ore output could rise to around 460 million tons by 2030, and if it could, is it also possible that the infrastructure required to transport ore to steel mills can be put in place?
Vedanta Group Chairman Anil Agarwal told the Business Standard last month that India has the potential to overtake China and Brazil to become the second-largest iron ore miner after Australia.
Vedanta owns Sesa Goa Iron Ore, one of India's major producers, and while Agarwal is correct in pointing to India's large reserves, it's unlikely that such a large increase in iron ore output in a relatively short period of time is possible.
The Indian Steel Association expects that there will be a shortage of iron ore of more than 100 million tons in coming years, meaning imports will have to increase.
IMPORTS RISING
India is currently a net exporter of iron ore, usually shipping lower-grade ores to China while importing higher-grade material to blend with domestic ore.
India's exports for the first five months of 2025 were 13.67 million tons, of which 11.11 million went to China, according to data compiled by commodity analysts Kpler.
Exports have been trending lower as more ore is used by domestic steel plants, with the monthly average of 2.73 million tons for the first five months of 2025 down from the average of 3.13 million for 2024 and 3.70 million for 2023.
Imports have also been trending higher, with arrivals of 4.57 million tons in the first five months of 2025, according to Kpler.
This puts India on track to more than double imports this year from the 6.72 million tons in 2024 and the 6.67 million in 2023.
But even if imports do rise to around 10 million tons this year, it's a long way to get to 100 million tons by 2030.
Much will depend on how quickly India builds up steel capacity and how domestic iron ore miners respond.
India has about 20 million tons of steel capacity currently under construction and a further 155 million planned, according to data compiled by the Global Energy Monitor.
The under-construction plants will likely boost demand for iron ore imports, but the volumes are likely to be modest, at least for this year and next.
What is likely is a continuation of current trends, with India's exports of low-grade iron ore trending lower and its imports of higher-grade ore moving higher over time.
The views expressed here are those of the author, a columnist for Reuters.
GRAPHIC-India's imports and exports of coal by year: https://tmsnrt.rs/4jvKxDu
(Editing by Stephen Coates)
(([email protected])(+61 437 622 448)(Reuters Messaging: [email protected]))
The views expressed here are those of the author, a columnist for Reuters.
By Clyde Russell
LAUNCESTON, Australia, June 3 (Reuters) - The rise of India's steel sector is touted as a boost for iron ore miners seeking to find new markets as China's output eases, but the reality is likely to fall short of the hype.
India's steel-making capacity is currently about 200 million metric tons per annum and the South Asian nation has ambitious plans to reach 300 million by 2030.
Working on the assumption that these plans come close to being realised, how does that alter the dynamics in the global seaborne iron ore market?
In order to get to an answer, it's important to work out how much of the demand for iron ore from the new steel mills can be met by India's own mines.
India is the fourth-largest iron ore miner and its production hit a record 289 million tons in the fiscal year from April 2024 to March 2025, according to preliminary government data.
This was up from the previous fiscal year's 277 million tons, but is also well short of what would be required to supply a 300 million tons per annum steel-making sector.
Depending on the grade of iron ore used, it takes about 1.6 tons to make one ton of steel using the blast furnace/basic oxygen furnace process, the most common method in both India and top steel producer China.
Is it possible that India's domestic iron ore output could rise to around 460 million tons by 2030, and if it could, is it also possible that the infrastructure required to transport ore to steel mills can be put in place?
Vedanta Group Chairman Anil Agarwal told the Business Standard last month that India has the potential to overtake China and Brazil to become the second-largest iron ore miner after Australia.
Vedanta owns Sesa Goa Iron Ore, one of India's major producers, and while Agarwal is correct in pointing to India's large reserves, it's unlikely that such a large increase in iron ore output in a relatively short period of time is possible.
The Indian Steel Association expects that there will be a shortage of iron ore of more than 100 million tons in coming years, meaning imports will have to increase.
IMPORTS RISING
India is currently a net exporter of iron ore, usually shipping lower-grade ores to China while importing higher-grade material to blend with domestic ore.
India's exports for the first five months of 2025 were 13.67 million tons, of which 11.11 million went to China, according to data compiled by commodity analysts Kpler.
Exports have been trending lower as more ore is used by domestic steel plants, with the monthly average of 2.73 million tons for the first five months of 2025 down from the average of 3.13 million for 2024 and 3.70 million for 2023.
Imports have also been trending higher, with arrivals of 4.57 million tons in the first five months of 2025, according to Kpler.
This puts India on track to more than double imports this year from the 6.72 million tons in 2024 and the 6.67 million in 2023.
But even if imports do rise to around 10 million tons this year, it's a long way to get to 100 million tons by 2030.
Much will depend on how quickly India builds up steel capacity and how domestic iron ore miners respond.
India has about 20 million tons of steel capacity currently under construction and a further 155 million planned, according to data compiled by the Global Energy Monitor.
The under-construction plants will likely boost demand for iron ore imports, but the volumes are likely to be modest, at least for this year and next.
What is likely is a continuation of current trends, with India's exports of low-grade iron ore trending lower and its imports of higher-grade ore moving higher over time.
The views expressed here are those of the author, a columnist for Reuters.
GRAPHIC-India's imports and exports of coal by year: https://tmsnrt.rs/4jvKxDu
(Editing by Stephen Coates)
(([email protected])(+61 437 622 448)(Reuters Messaging: [email protected]))
Vedanta To Consider Issuance Of Non-Convertible Debentures On Private Placement Basis
May 27 (Reuters) - Vedanta Ltd VDAN.NS:
VEDANTA - TO CONSIDER ISSUANCE OF NON-CONVERTIBLE DEBENTURES ON A PRIVATE PLACEMENT BASIS
Source text: ID:nnAZN3WJCAW
Further company coverage: VDAN.NS
(([email protected];))
May 27 (Reuters) - Vedanta Ltd VDAN.NS:
VEDANTA - TO CONSIDER ISSUANCE OF NON-CONVERTIBLE DEBENTURES ON A PRIVATE PLACEMENT BASIS
Source text: ID:nnAZN3WJCAW
Further company coverage: VDAN.NS
(([email protected];))
Vedanta Gets Tax Penalty Order Of 1.46 Billion Rupees
May 16 (Reuters) - Vedanta Ltd VDAN.NS:
RECEIVES PENALTY ORDER OF 1.46 BILLION RUPEES FOR SAED
Source text: ID:nBSE7fKDMl
Further company coverage: VDAN.NS
(([email protected];))
May 16 (Reuters) - Vedanta Ltd VDAN.NS:
RECEIVES PENALTY ORDER OF 1.46 BILLION RUPEES FOR SAED
Source text: ID:nBSE7fKDMl
Further company coverage: VDAN.NS
(([email protected];))
India's Hindustan Zinc reports higher profit on jump in prices, production
April 25 (Reuters) - Hindustan Zinc HZNC.NS, the world's third-biggest zinc producer, reported a jump in fourth-quarter profit on Friday, supported by higher production and rising prices of the metal.
The company's consolidated net profit came in at 30.03 billion rupees ($351.5 million) in the three months to March 31, up 47.4% from a year ago.
Domestic zinc prices rose about 17.5% in the quarter, according to Systematix estimates, due to higher demand from India's construction and manufacturing sectors.
Hindustan Zinc, majority owned by metals-to-oil conglomerate Vedanta VDAN.NS, previously said its March-quarter mined metal production was at a record high of 310 kilo tonnes.
The company, which commands 75% share of the domestic zinc market, said its revenue from operations rose 21.2% to 88.29 billion rupees, while total expenses grew only 8.5%.
The zinc division recorded a 20.6% increase in revenue, while silver, the company's second-largest business segment, registered a 24.1% growth.
($1 = 85.4350 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru; Editing by Varun H K)
(([email protected]; +91 8697274436;))
April 25 (Reuters) - Hindustan Zinc HZNC.NS, the world's third-biggest zinc producer, reported a jump in fourth-quarter profit on Friday, supported by higher production and rising prices of the metal.
The company's consolidated net profit came in at 30.03 billion rupees ($351.5 million) in the three months to March 31, up 47.4% from a year ago.
Domestic zinc prices rose about 17.5% in the quarter, according to Systematix estimates, due to higher demand from India's construction and manufacturing sectors.
Hindustan Zinc, majority owned by metals-to-oil conglomerate Vedanta VDAN.NS, previously said its March-quarter mined metal production was at a record high of 310 kilo tonnes.
The company, which commands 75% share of the domestic zinc market, said its revenue from operations rose 21.2% to 88.29 billion rupees, while total expenses grew only 8.5%.
The zinc division recorded a 20.6% increase in revenue, while silver, the company's second-largest business segment, registered a 24.1% growth.
($1 = 85.4350 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru; Editing by Varun H K)
(([email protected]; +91 8697274436;))
Indian miner Vedanta extends rally on favourable court order
** Shares of Indian miner Vedanta VDAN.NS jump 3% to 412 rupees; extend gains to fifth straight session
** Oil-to-metals conglomerate said High Court of Orissa has stayed an environmental compensation demand of 711.7 million rupees ($8.4 million)
** Vedanta says demand was raised for alleged incorrect disposal of fly ash; adds co has "strong case on merits"
** Day's move trims stock's YTD losses to 7%
($1 = 85.0800 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
** Shares of Indian miner Vedanta VDAN.NS jump 3% to 412 rupees; extend gains to fifth straight session
** Oil-to-metals conglomerate said High Court of Orissa has stayed an environmental compensation demand of 711.7 million rupees ($8.4 million)
** Vedanta says demand was raised for alleged incorrect disposal of fly ash; adds co has "strong case on merits"
** Day's move trims stock's YTD losses to 7%
($1 = 85.0800 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
EXCLUSIVE-India plans to ease nuclear liability laws to attract foreign firms, sources say
India plans to ease nuclear liability laws to attract foreign firms, sources say
Proposes amendments to allay suppliers' fears of unlimited liability, they say
Aims to attract U.S. nuclear firms to boost nuclear power capacity to 100 GW by 2047
By Sarita Chaganti Singh
NEW DELHI, April 18 (Reuters) - India is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move mainly to attract U.S. firms that have been holding back due to the risk of unlimited exposure.
The proposal by Prime Minister Narendra Modi's government is the latest step to expand nuclear power production capacity by 12 times to 100 gigawatts by 2047 as well as provide a fillip to India in trade and tariff negotiations with the U.S.
A draft law prepared by the department of atomic energy removes a key clause in the Civil Nuclear Liability Damage Act of 2010 that exposes suppliers to unlimited liability for accidents, the three sources said.
India's atomic energy department, the prime minister's office and the finance ministry did not respond to requests seeking comment.
"India needs nuclear power, which is clean and essential," said Debasish Mishra, chief growth officer at Deloitte South Asia.
"A liability cap will allay the major concern of the suppliers of nuclear reactors."
The amendments are in line with international norms that put the onus on the operator to maintain safety instead of the supplier of nuclear reactors.
New Delhi is hoping the changes will ease concerns of mainly U.S. firms like General Electric Co GE.N and Westinghouse Electric Co that have been sitting on the sidelines for years due to unlimited risks in case of accidents.
Analysts say passage of the amended law is crucial to negotiations between India and the U.S. for a trade deal this year that aims to raise bilateral trade to $500 billion by 2030 from $191 billion last year.
Modi's administration is confident of getting approval for the amendments in the monsoon session of parliament, set to begin in July, according to the sources.
Under the proposed amendments, the right of the operator to compensation from the supplier in case of an accident will be capped at the value of the contract. It will also be subject to a period to be specified in the contract.
Currently, the law does not define a limit to the amount of compensation an operator can seek from suppliers and the period for which the vendor can be held accountable.
LAW GREW OUT OF BHOPAL DISASTER
India's 2010 nuclear liability law grew out of the 1984 Bhopal gas disaster, the world's deadliest industrial accident, at a factory owned by U.S. multinational Union Carbide Corp in which more than 5,000 people were killed.
Union Carbide agreed to pay an out-of-court settlement of $470 million in damages in 1989.
The current liability law effectively shut out Western companies from a huge market, and also strained U.S.-Indian relations since they reached a deal on nuclear cooperation in 2008.
It also left U.S. firms at a disadvantage to Russian and French companies whose accident liability is underwritten by their governments.
The draft law also proposes a lower liability cap on small reactor operators at $58 million, but is unlikely to alter the cap for large reactor operators from the current level of $175 million, the three sources said.
India is betting big on nuclear power to meet its rising energy demand without compromising on net-zero commitments, for which it proposes to allow private Indian companies to build such plants.
Indian conglomerates like Reliance Industries RELI.NS, Tata Power TTPW.NS, Adani Power ADAN.NS and Vedanta Ltd VDAN.NS have held discussions with the government to invest around $5.14 billion each in the sector.
($1 = 85.6320 Indian rupees)
(Reporting by Sarita Chaganti Singh, Editing by Raju Gopalakrishnan.)
(([email protected];))
India plans to ease nuclear liability laws to attract foreign firms, sources say
Proposes amendments to allay suppliers' fears of unlimited liability, they say
Aims to attract U.S. nuclear firms to boost nuclear power capacity to 100 GW by 2047
By Sarita Chaganti Singh
NEW DELHI, April 18 (Reuters) - India is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move mainly to attract U.S. firms that have been holding back due to the risk of unlimited exposure.
The proposal by Prime Minister Narendra Modi's government is the latest step to expand nuclear power production capacity by 12 times to 100 gigawatts by 2047 as well as provide a fillip to India in trade and tariff negotiations with the U.S.
A draft law prepared by the department of atomic energy removes a key clause in the Civil Nuclear Liability Damage Act of 2010 that exposes suppliers to unlimited liability for accidents, the three sources said.
India's atomic energy department, the prime minister's office and the finance ministry did not respond to requests seeking comment.
"India needs nuclear power, which is clean and essential," said Debasish Mishra, chief growth officer at Deloitte South Asia.
"A liability cap will allay the major concern of the suppliers of nuclear reactors."
The amendments are in line with international norms that put the onus on the operator to maintain safety instead of the supplier of nuclear reactors.
New Delhi is hoping the changes will ease concerns of mainly U.S. firms like General Electric Co GE.N and Westinghouse Electric Co that have been sitting on the sidelines for years due to unlimited risks in case of accidents.
Analysts say passage of the amended law is crucial to negotiations between India and the U.S. for a trade deal this year that aims to raise bilateral trade to $500 billion by 2030 from $191 billion last year.
Modi's administration is confident of getting approval for the amendments in the monsoon session of parliament, set to begin in July, according to the sources.
Under the proposed amendments, the right of the operator to compensation from the supplier in case of an accident will be capped at the value of the contract. It will also be subject to a period to be specified in the contract.
Currently, the law does not define a limit to the amount of compensation an operator can seek from suppliers and the period for which the vendor can be held accountable.
LAW GREW OUT OF BHOPAL DISASTER
India's 2010 nuclear liability law grew out of the 1984 Bhopal gas disaster, the world's deadliest industrial accident, at a factory owned by U.S. multinational Union Carbide Corp in which more than 5,000 people were killed.
Union Carbide agreed to pay an out-of-court settlement of $470 million in damages in 1989.
The current liability law effectively shut out Western companies from a huge market, and also strained U.S.-Indian relations since they reached a deal on nuclear cooperation in 2008.
It also left U.S. firms at a disadvantage to Russian and French companies whose accident liability is underwritten by their governments.
The draft law also proposes a lower liability cap on small reactor operators at $58 million, but is unlikely to alter the cap for large reactor operators from the current level of $175 million, the three sources said.
India is betting big on nuclear power to meet its rising energy demand without compromising on net-zero commitments, for which it proposes to allow private Indian companies to build such plants.
Indian conglomerates like Reliance Industries RELI.NS, Tata Power TTPW.NS, Adani Power ADAN.NS and Vedanta Ltd VDAN.NS have held discussions with the government to invest around $5.14 billion each in the sector.
($1 = 85.6320 Indian rupees)
(Reporting by Sarita Chaganti Singh, Editing by Raju Gopalakrishnan.)
(([email protected];))
India launches auction of three coal bed methane blocks
April 15 (Reuters) - India has launched an auction of three coal bed methane blocks and 55 small discovered fields for exploration and production, said Pallavi Jain Govil, head of upstream regulator Directorate General of Hydrocarbons, on Tuesday at an event in Delhi.
Two of the coal bed methane blocks are in the state of West Bengal and one in the western state of Gujarat.
India also signed contacts for oil and gas blocks, offered under a licensing round earlier this year, Govil said, as the world's third largest oil consumer seeks to boost its local output.
The country imports over 80% of its over 5 million barrels per day of oil needs.
India's top explorer Oil and Natural Gas Corp ONGC.NS signed contracts for exploration of 11 blocks, while Oil India OILI.NS signed for six blocks.
ONGC also signed an exploration contract for one block in tie up with BP BP.L and Reliance Industries RELI.NS, and teamed up with Oil India for three blocks.
Vedanta VDAN.NS signed contracts for seven blocks and Hindustan Oil Exploration Company HOEX.NS for one block.
(Reporting by Nidhi Verma in New Delhi; Editing by Shinjini Ganguli)
(([email protected]; +91 7982114624;))
April 15 (Reuters) - India has launched an auction of three coal bed methane blocks and 55 small discovered fields for exploration and production, said Pallavi Jain Govil, head of upstream regulator Directorate General of Hydrocarbons, on Tuesday at an event in Delhi.
Two of the coal bed methane blocks are in the state of West Bengal and one in the western state of Gujarat.
India also signed contacts for oil and gas blocks, offered under a licensing round earlier this year, Govil said, as the world's third largest oil consumer seeks to boost its local output.
The country imports over 80% of its over 5 million barrels per day of oil needs.
India's top explorer Oil and Natural Gas Corp ONGC.NS signed contracts for exploration of 11 blocks, while Oil India OILI.NS signed for six blocks.
ONGC also signed an exploration contract for one block in tie up with BP BP.L and Reliance Industries RELI.NS, and teamed up with Oil India for three blocks.
Vedanta VDAN.NS signed contracts for seven blocks and Hindustan Oil Exploration Company HOEX.NS for one block.
(Reporting by Nidhi Verma in New Delhi; Editing by Shinjini Ganguli)
(([email protected]; +91 7982114624;))
Vedanta Says Requested To Deposit 711.7 Mln Rupees Environmental Compensation
April 11 (Reuters) - Vedanta Ltd VDAN.NS:
REQUESTED TO DEPOSIT 711.7 MILLION RUPEES ENVIRONMENTAL COMPENSATION
Source text: ID:nNSE1jkQMK
Further company coverage: VDAN.NS
(([email protected];;))
April 11 (Reuters) - Vedanta Ltd VDAN.NS:
REQUESTED TO DEPOSIT 711.7 MILLION RUPEES ENVIRONMENTAL COMPENSATION
Source text: ID:nNSE1jkQMK
Further company coverage: VDAN.NS
(([email protected];;))
Vedanta's 4Q Iron Ore Saleable Production Jumps 22% YoY
April 3 (Reuters) - Vedanta Ltd VDAN.NS:
VEDANTA LTD - 4Q IRON ORE SALEABLE PRODUCTION JUMPS 22% YOY
VEDANTA LTD - ANNUAL ALUMINIUM PRODUCTION AT 2,421 KT, UP 2% YOY
VEDANTA LTD - 4Q TOTAL POWER SALES JUMP 18% QOQ
VEDANTA LTD - QUARTERLY ZINC INTERNATIONAL PRODUCTION RISES 52% YOY
Source text: ID:nBSEbkMLvM
Further company coverage: VDAN.NS
(([email protected];))
April 3 (Reuters) - Vedanta Ltd VDAN.NS:
VEDANTA LTD - 4Q IRON ORE SALEABLE PRODUCTION JUMPS 22% YOY
VEDANTA LTD - ANNUAL ALUMINIUM PRODUCTION AT 2,421 KT, UP 2% YOY
VEDANTA LTD - 4Q TOTAL POWER SALES JUMP 18% QOQ
VEDANTA LTD - QUARTERLY ZINC INTERNATIONAL PRODUCTION RISES 52% YOY
Source text: ID:nBSEbkMLvM
Further company coverage: VDAN.NS
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Indian conglomerate Vedanta seeks global partner for $20 billion expansion plan
By Sethuraman N R
April 2 (Reuters) - Indian metals-to-oil conglomerate Vedanta VDAN.NS is looking for a global company to partner with on expansion projects worth $20 billion across zinc, aluminium, copper, iron, steel, oil, gas and power, as per a tender document.
The billionaire Anil Agarwal-led conglomerate -- set to split into four entities, Vedanta Aluminium, Oil and Gas, Power, Iron and Steel -- had earmarked the funds to invest in metals and mining and hydrocarbons in the next three years.
Vedanta did not give specifics for the current tender, which was issued last week.
Its current plans include a $2 billion to $2.5 billion investment to expand subsidiary Hindustan Zinc's HZNC.NS production.
Another unit, Cairn India, has a $5 billion plan to grow its oil output by five-fold, while Vedanta's power business is aiming to double its 5-gigawatt (GW) portfolio and expand into nuclear and power distribution.
Vedanta said in February it was looking for partners to build and operate 5 GW of nuclear power for captive use in India.
(Reporting by Sethuraman NR; Editing by Savio D'Souza)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
By Sethuraman N R
April 2 (Reuters) - Indian metals-to-oil conglomerate Vedanta VDAN.NS is looking for a global company to partner with on expansion projects worth $20 billion across zinc, aluminium, copper, iron, steel, oil, gas and power, as per a tender document.
The billionaire Anil Agarwal-led conglomerate -- set to split into four entities, Vedanta Aluminium, Oil and Gas, Power, Iron and Steel -- had earmarked the funds to invest in metals and mining and hydrocarbons in the next three years.
Vedanta did not give specifics for the current tender, which was issued last week.
Its current plans include a $2 billion to $2.5 billion investment to expand subsidiary Hindustan Zinc's HZNC.NS production.
Another unit, Cairn India, has a $5 billion plan to grow its oil output by five-fold, while Vedanta's power business is aiming to double its 5-gigawatt (GW) portfolio and expand into nuclear and power distribution.
Vedanta said in February it was looking for partners to build and operate 5 GW of nuclear power for captive use in India.
(Reporting by Sethuraman NR; Editing by Savio D'Souza)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
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What does Vedanta do?
Vedanta Ltd is one of the world’s foremost natural resources conglomerates, with primary operations in zinc-lead-silver, iron ore, steel, copper, aluminium, power, nickel, and oil and gas. The company’s strategic capabilities and alliances are singularly focused on creating and preserving value for its wide stakeholder groups and its clientele. It has a portfolio of world-class, low-cost, scalable assets that consistently generate strong profitability and have robust cash flows. The company holds industry-leading market shares across its core divisions. It is a uniquely diversified company and a global leader in critical minerals, energy transition metals, power, and technology, playing a pivotal role in the global supply of essential materials for the energy transition.
Who are the competitors of Vedanta?
Vedanta major competitors are Hindustan Zinc, Lloyds Metals&Energy, NMDC, Hindustan Copper, KIOCL, GMDC, Gravita India. Market Cap of Vedanta is ₹1,85,978 Crs. While the median market cap of its peers are ₹33,459 Crs.
Is Vedanta financially stable compared to its competitors?
Vedanta seems to be less financially stable compared to its competitors. Altman Z score of Vedanta is 2.08 and is ranked 8 out of its 8 competitors.
Does Vedanta pay decent dividends?
The company seems to pay a good stable dividend. Vedanta latest dividend payout ratio is 113.48% and 3yr average dividend payout ratio is 243.15%
How has Vedanta allocated its funds?
Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments, Capital Work in Progress
How strong is Vedanta balance sheet?
Balance sheet of Vedanta is moderately strong, But short term working capital might become an issue for this company.
Is the profitablity of Vedanta improving?
Yes, profit is increasing. The profit of Vedanta is ₹19,896 Crs for TTM, ₹14,988 Crs for Mar 2025 and ₹4,239 Crs for Mar 2024.
Is the debt of Vedanta increasing or decreasing?
The net debt of Vedanta is decreasing. Latest net debt of Vedanta is ₹74,468 Crs as of Mar-25. This is less than Mar-24 when it was ₹78,040 Crs.
Is Vedanta stock expensive?
Vedanta is expensive when considering the EV/EBIDTA, however latest PE is < 3 yr avg PE. Latest PE of Vedanta is 12.77, while 3 year average PE is 13.58. Also latest EV/EBITDA of Vedanta is 6.34 while 3yr average is 4.97.
Has the share price of Vedanta grown faster than its competition?
Vedanta has given lower returns compared to its competitors. Vedanta has grown at ~4.71% over the last 8yrs while peers have grown at a median rate of 16.34%
Is the promoter bullish about Vedanta?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Vedanta is 56.38% and last quarter promoter holding is 56.38%.
Are mutual funds buying/selling Vedanta?
The mutual fund holding of Vedanta is increasing. The current mutual fund holding in Vedanta is 8.19% while previous quarter holding is 8.03%.