VEDL

By Hritam Mukherjee and Neha Arora

NEW DELHI, Jan 30 (Reuters) - Oil-to-metals conglomerate Vedanta Ltd VDAN.NS aims to list its four planned demerged units on Indian exchanges by mid-May, its finance chief said.

The natural resources group is nearing the end of a planned restructuring, which won approval from India's company law tribunal in December after initial government pushback.

"We intend to make (the) demerger effective from April 1, and it will take maybe four to six weeks, so mid of May all the five companies will get listed," Vedanta Ltd. Chief Financial Officer Ajay Goel said in an interview late on Thursday.

Indian newspaper Mint reported that the company first flagged the timeline on Thursday during a call with analysts.

Vedanta's restructuring will spin off four businesses - steel and ferrous metals, oil and gas, aluminium, and power - into separately listed companies, while its base metals unit will remain with the parent.

First announced in 2023, the plan was designed to support growth as its UK-based parent Vedanta Resources carried heavy debt, which it has since reduced significantly.

Goel also said U.S. President Donald Trump's move last year to double tariffs on aluminium imports to 50% has been of "insignificant" impact on the company, offset by strong domestic demand in India.

Shares of Vedanta dropped over 5% on Friday, tracking weaker global prices. MET/L

(Reporting by Hritam Mukherjee and Neha Arora; Editing by Nivedita Bhattacharjee)

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Adds details and context from paragraph 3

Jan 29 (Reuters) - Indian metals-to-oil conglomerate Vedanta VDAN.NS reported a rise in third-quarter profit on Thursday on strong base metal prices.

The Mumbai-based miner's consolidated net profit rose to 57.10 billion rupees ($621 million) in the quarter ended December 31 from 35.47 billion rupees a year ago.

Aluminium prices were supported as Chinese producers faced higher costs amid winter power curtailments and tighter environmental rules across the supply chain, analysts at Elara Capital said in a research note.

Lower inventories and production disruptions in major producer China are expected to keep aluminium prices firm in the near term, the brokerage added.

The benchmark three-month aluminium CMAL3, zinc CMZN3, and copper CMCU3 on the London Metal Exchange rose 11.8%, 5.3%, and 21% on-year, respectively, in the reporting quarter.

Higher commodity prices tend to support selling prices and margins for mining companies.

Vedanta's operating profit margin rose to 27% from 22%.

Revenue from Vedanta's aluminium segment rose 10.2%, while its combined zinc and lead India segment rose 16%. The copper segment improved by 48.9%.

Vedanta's aluminium business is the biggest in India by production volume, and contributes to nearly 40% of the company's revenue.

Earlier this month, Vedanta's subsidiary Hindustan Zinc HZNC.NS posted a higher third-quarter profit on strong silver and zinc prices.

($1 = 91.9510 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Janane Venkatraman and Eileen Soreng)

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Adds details of stake sale offer in paragraphs 1-4

Jan 27 (Reuters) - Indian oil-to-metals conglomerate Vedanta VDAN.NS said on Tuesday it will sell up to a 1.59% stake in its unit Hindustan Zinc HZNC.NS, worth about 45.9 billion rupees ($500.8 million), based on Reuters calculations.

Vedanta will sell the shares at a floor price of 685 rupees, it said in an exchange filing, representing a 5.8% discount to Tuesday's closing price of 727.20 rupees.

The offer for sale includes a base offer of a 0.79% stake. If oversubscribed, an additional 0.79% stake will be sold, taking the total proposed sale to 1.59%.

The offer opens for non-retail investors on Wednesday, January 28, and for retail investors on Thursday, Vedanta said.

As of December 31, Vedanta held 61.84% of the zinc and silver miner, while the Indian government is Hindustan Zinc's second-largest shareholder, with a 27.92% stake.

Vedanta has sold portions of its stake in Hindustan Zinc twice in the past two years to help shore up its balance sheet.

($1 = 91.7080 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Janane Venkatraman and Eileen Soreng)

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Jan 19 (Reuters) - India's Hindustan Zinc HZNC.NS reported a 46.2% jump in third-quarter profit on Monday, driven by record-high silver prices, as well as higher zinc prices, amid resilient demand.

India's top refined zinc producer said its consolidated net profit rose to 39.16 billion rupees ($430.6 million) in the quarter ended December 31 from 26.78 billion rupees a year earlier.

Prices of spot silver XAG= soared 52.6% in the final quarter of 2025, underpinned by robust investment inflows and persistent supply constraints, while benchmark zinc prices in London CMZN3 rose 5.3%.

Hindustan Zinc's shares closed 3.6% higher after the results. Earlier in the day, HSBC delivered a ratings upgrade after it forecast earnings upside from higher zinc and silver prices.

"Zinc and lead prices are forecast to stay resilient despite some nominal surplus," the company said in an exchange filing.

A unit of oil-to-metals conglomerate Vedanta, Hindustan Zinc is the world's third-largest silver producer and the largest integrated silver player in India, which is the world's biggest consumer of the metal.

Demand for the precious metal shot up in the festive quarter in the South Asia country as consumers looked to silver as an investment alternative for gold after prices hit multiple record highs.

The company, which commands roughly three-fourths of India's zinc market, reported total revenue from operations jumped 27.5% to 109.80 billion rupees.

Its mined and refined metal production grew 4% each on-year, the highest ever logged in the October-December quarter.

($1 = 90.9400 Indian rupees)

(Reporting by Urvi Dugar and Anuran Sadhu in Bengaluru; Editing by Subhranshu Sahu and Janane Venkatraman)

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MUMBAI, Jan 15 (Reuters) - Foreign companies have often complained about tax uncertainty in India and prolonged litigation related to alleged duty evasion on imports or levies payable on big M&A transactions.

Here are some of the most high-profile tax cases in India.

TIGER GLOBAL

India's top court on January 15 ruled that Tiger Global is subject to taxes on its $1.6 billion sale of a stake in Indian e-commerce firm Flipkart to Walmart WMT.O in 2018.

It will serve as a landmark ruling on companies' use of international tax treaties, and how India taxes cross-border deals.

Tiger Global had claimed tax exemption under India–Mauritius tax treaty, but the Supreme Court ruled the transaction was designed as an "impermissible tax avoidance arrangement".

KIA

South Korea's Kia has been accused of dodging $155 million in taxes by misclassifying car component imports, but the company is contesting the charge privately with officials.

At the heart of the dispute lie Kia's imports of parts of a car in separate shipments to assemble the vehicles in India, paying a lower tax applicable, circumventing the higher tax outgo when parts come together as a CKD, or a completely knocked down unit, of a car.

VOLKSWAGEN

In a case similar to the Kia one, Volkswagen VOWG_p.DE has sued Indian authorities in a Mumbai court after being slapped with a $1.4 billion tax notice for importing parts related to its 14 models, including some Audi ones, instead of classifying them as CKD.

The German automaker's court challenge states that India's "impossibly enormous" tax demand will hit its investment in the country, and foreign investor sentiment.

VODAFONE

In one of the most controversial cases, Vodafone VOD.L was slapped with a $2 billion tax demand when it purchased Indian assets of Hutchison Whampoa in an $11 billion deal in 2007.

The dispute caused years-long litigation including a ruling in the company's favour by India's top court, followed by a change of law which reimposed the demand and international arbitration between the sides. Vodafone won the arbitration case in 2020.

CAIRN ENERGY

Britain's Cairn Energy faced a more than $1.4 billion tax demand over the transfer of shares during an internal reorganisation in 2007.

In 2011, Cairn Energy sold its majority stake in Cairn India to Vedanta Ltd, reducing its share in the Indian company to about 10%.

The Indian administration and Cairn India settled the years-long dispute in 2021 by offering to refund the tax amount.

PERNOD RICARD

French liquor giant Pernod Ricard PERP.PA has been accused by Indian authorities of undervaluing certain imports for more than a decade to avoid full payment of duties.

India is demanding roughly $250 million in back taxes but the maker of Chivas Regal and Absolut vodka has contested the findings. The dispute is pending.

In 2022, Pernod warned Prime Minister Narendra Modi's administration that its long-running tax disputes with authorities on valuing liquor imports have inhibited new investment and its current business.

BYD

Chinese automaker BYD has been accused by Indian authorities of underpaying $8.37 million on parts for cars it assembles and sells in India.

BYD later deposited the demand but the probe is still ongoing and could lead to additional tax charges and penalties, Reuters has reported.

(Reporting by Dhwani Pandya and Arpan Chaturvedi; Editing by Aditya Kalra and Ed Osmond)

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** Shares of Vedanta VDAN.NS rise 5.3% to hit a record high of 671 rupees

** Indian metal stocks gain, tracking a rise in copper and gold prices to record high levels on lingering supply concerns MET/L

** Nifty metal index .NIFTYMET up 1.83%, VDAN second-biggest gainer on index

** Nuvama ("buy") hikes PT on VDAN to 806 rupees from 686 rupees earlier, a Street high; PT hike 26% upside from last close

** Brokerage says PT hike factors in value unlocking amid demerger by raising valuation multiple for aluminium segment, valuing steel & iron ore business at replacement cost and raising power vertical's value

** Sees the entire demerger process and listing of all companies by Q1 FY27

** Expects EBITDA compound annual growth rate of 20% over FY25-28E amid higher commodity prices

** VDAN rated "buy" on avg by 13 analysts; median PT at 582.50 rupees - data compiled by LSEG

(Reporting by Komal Salecha)

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Jan 9 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA - NCLT MUMBAI APPROVES COMPANY PETITION FILED BY TSPL

• VEDANTA - SANCTION GRANTED TO SCHEME OF ARRANGEMENT BETWEEN VEDANTA ENTITIES INCLUDING TALWANDI SABO POWER, MALCO ENERGY

Source text: ID:nNSEby6HYc

Further company coverage: VDAN.NS

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Jan 8 (Reuters) - Vedanta Ltd VDAN.NS:

• CLARIFIES REPORT "DELHI HC AGREES TO EXAMINE GOVERNMENT'S REFUSAL TO EXTEND VEDANTA'S CONTRACT"

• HIGH COURT ISSUED NOTICE TO GOVERNMENT, OTHERS ON VEDANTA CONTRACT EXTENSION

Source text: ID:nnAZN4RSTMM

Further company coverage: VDAN.NS

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Dec 31 (Reuters) - Vedanta Ltd VDAN.NS:

• RECEIVES TAX PENALTY OF 546.2 MILLION RUPEES

Source text: ID:nNSE8j8yKF

Further company coverage: VDAN.NS

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Dec 11 (Reuters) - Vedanta Ltd VDAN.NS:

• VEDANTA - DECLARED AS SUCCESSFUL BIDDER IN RESPECT OF GENJANA NICKEL, CHROMIUM AND PGE BLOCK

Source text: ID:nnAZN4RD90A

Further company coverage: VDAN.NS

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Rewrites with statement from Adani Enterprises

By Gopika Gopakumar

MUMBAI, Nov 19 (Reuters) - India's Adani Enterprises ADEL.NS said on Wednesday that creditors of Jaiprakash Associates JAIA.NS have approved its takeover proposal for the bankrupt infrastructure group.

Earlier in the day, Reuters, citing two officials, reported that the creditors, mostly Indian banks, opted for Adani's 135-billion-rupee ($1.53 billion) bid over Vedanta's VDAN.NS higher 170-billion-rupee offer because it included larger upfront payments preferred by stakeholders.

Adani Enterprises did not disclose the value of its offer in its statement.

Besides Adani and Vedanta, other bidders included Dalmia Bharat DALB.NS, Jindal Power JDPO.BO and PNC Infratech PNCI.NS. Controlling shareholder Manoj Gaur also submitted a last-minute bid, which was later withdrawn, the report said.

Jaiprakash Associates, once one of India's largest infrastructure conglomerates, owes creditors 550 billion rupees. Insolvency proceedings under India's bankruptcy laws were initiated last June, making it one of the biggest ongoing bankruptcy cases in the country.

Vedanta's bid entailed a five-year payment timeline, significantly longer than the 1.5-2 years proposed by Adani, swaying creditor preferences, one of the officials said.

"Creditors have voted in favor of Adani. Now the committee of creditors (CoC) will take a final decision, likely reaffirming this outcome, and submit it to the National Company Law Tribunal (NCLT)," one of them added.

The National Asset Reconstruction Company (NARCL), which acquired Jaiprakash's loans from a lender consortium led by State Bank of India SBI.NS, leads the list of claimants in the ongoing resolution process.

Emails sent to Manoj Gaur and NARCL were not immediately answered.

A spokesperson from Vedanta had said the company respects the CoC's "commercial discretion".

($1 = 88.5350 Indian rupees)

(Reporting by Gopika Gopakumar; Editing by Sonia Cheema)

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Oct 27 (Reuters) - India's markets regulator has put Sterlite Electric's STET.BO, the initial public offering (IPO) on hold, according to an update on the regulator's website on Monday.

The company, part of mining and metals conglomerate Vedanta Group, filed draft papers for the IPO in early October. The offering included a fresh issue of 7.8 million shares, along with an equal number of shares to be sold by existing shareholders.

The Securities and Exchange Board of India (SEBI) did not specify a reason for the decision, and Vedanta Group did not immediately respond to Reuters' request for comment.

India's IPO market has been booming, with more than 240 large and mid-sized companies raising $10.5 billion in the first nine months of 2025, making the South Asian nation the world's third-largest market for IPO fundraising, according to LSEG data.

The country's equity market is set to raise up to $8 billion through IPOs in the October to December period.

(Reporting by Nishit Navin; Editing by Janane Venkatraman)

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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

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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)

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Sept 18 (Reuters) - Vedanta Ltd VDAN.NS:

• DECLARED AS 'PREFERRED BIDDER' FOR PUNNAM MANGANESE BLOCK

Source text: ID:nBSE2yk6b3

Further company coverage: VDAN.NS

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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)

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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

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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.

(Editing by Antony Currie; Production by Ujjaini Dutta)

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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

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** Shares of metals-to-oil conglomerate Vedanta VDAN.NS fall 2% to 440 rupees

** Co's demerger faces objection by centre, 'warning' by SEBI, CNBC-TV18 reports

** Demerger case hearing deferred to September 17, as per report

** Vedanta did not immediately respond to a Reuters' request for comment

** Co had launched an overhaul to carve itself into six separate businesses in 2023

** On avg, analysts rate the stock "Buy"; median PT is 505 rupees- data compiled by LSEG

** More than 9,350,000 share trade hands by 12.54 pm IST, 3x of 30-day avg

** YTD, VDAN down 1% vs metal index's .NIFTYMET 10% rise

(Reporting by Komal Salecha)

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** 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)

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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

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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)

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Rewrites, adds details from paragraph 2

July 31 (Reuters) - Indian metals-to-oil conglomerate Vedanta VDAN.NS missed quarterly profit estimates on Thursday, as lower aluminium and copper prices and higher tax expenses overshadowed the impact of strong local demand.

Vedanta's aluminium business is the biggest in India and contributes to nearly 40% of the company's revenue. Zinc is the second-biggest business, followed by copper.

The benchmark three-month aluminium CMAL3 and copper CMCY3 dropped 4% and 4.1% on-year, during the reporting quarter, pressured by geopolitical tensions and uncertainty around U.S. trade policies.

Lower commodity prices tend to hit selling prices and margins for mining companies.

Vedanta's overall revenue increased by 6.2% year-on-year to 374.34 billion rupees ($4.3 billion) in the quarter ended June 30, driven by higher revenue from aluminium and copper, which grew 7.7% and 34.6%, respectively.

The company's consolidated net profit declined to 31.85 billion rupees 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.

Its earnings before interest, taxes, depreciation and amortization rose about 2% to 60.53 billion rupees while tax expenses jumped to 15.96 billion rupees from 8.31 billion rupees a year ago.

Vedanta's operating profit margin remained flat at 21%.

Earlier this month, Vedanta's subsidiary Hindustan Zinc HZNC.NS posted a bigger-than-expected first-quarter profit, as strong demand for the metal helped cushion the impact of prices.

($1 = 87.6050 Indian rupees)

(Reporting by Manvi Pant and Anuran Sadhu; Editing by Mrigank Dhaniwala)

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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)

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** 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;))

Updates with Vedanta Group response in paragraph 2, share move in paragraph 7, analyst comment in paragraph 8 and details throughout

By Vivek Kumar M and Sethuraman N R

July 9 (Reuters) - U.S.-based Viceroy Research has taken a short position against the debt of Vedanta Resources, the UK-based parent of Indian miner Vedanta VDAN.NS, alleging that the British firm is "systematically draining" its Indian unit.

A spokesperson for the Vedanta Group said that the report was "a malicious combination of selective misinformation and baseless allegations" and that its authors issued it without contacting the group.

Vedanta plans to split into multiple separate entities and said in 2024 it aims to cut its debt pile by $3 billion in three years. Group Chairman Anil Agarwal launched a plan a year earlier to overhaul the business after an unsuccessful attempt to take Vedanta private in 2020.

The group's structure is "financially unsustainable" and a major risk to creditors, Viceroy Research said, adding that it had uncovered material discrepancies in its investigation.

Vedanta's dividend policy serves its parent's financing needs, not its own cash flow, Viceroy Research said, adding that billions in disputed expenses are hidden off its balance sheet.

Vedanta approved dividends worth 758 billion rupees ($8.8 billion) in the last four fiscal years, while its unit Hindustan Zinc HZNC.NS declared 573 billion rupees as dividends over the same period, exchange filings show. Vedanta Resources holds 56.38% in Vedanta and 61.62% in Hindustan Zinc.

Shares of the Indian miner fell up to 7.8% after the report, but pared losses to trade down 4.8% by 0723 GMT while Hindustan Zinc was down 5%.

Viceroy's report "largely reiterates known concerns" without offering new insights, which likely explains the stock's quick partial recovery, said UR Bhat, co-founder of investment platform Alphaniti Fintech.

"The key now is whether institutional investors are influenced by it," he said.

Vedanta Resources' net debt on a standalone basis stood at $4.9 billion as of March 31, 2025, according to its annual report.

"We remain focused on the business and growth, and request everyone to avoid speculation and unsubstantiated allegations," the Vedanta Group spokesperson said in their response.

(Reporting by Hritam Mukherjee, Vivek Kumar M, Kashish Tandon and Bharath Rajeswaran in Bengaluru; Editing by Chandini Monnappa and Mrigank Dhaniwala)

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- Source link: (https://bitl.to/4lN7)

- Note: Reuters has not verified this story and does not vouch for its accuracy

(Bengaluru newsroom)

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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)

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