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<keyword id="7642420" type="General" weightage="50" keywordseo="vedanta-resources-limited" source="Orion">Vedanta Resources Limited</keyword> (<keyword id="28423" type="DOMAIN" weightage="20" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword>), the parent company of Mumbai-listed mining giant <keyword id="11969166" type="DOMAIN" weightage="20" keywordseo="vedanta-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta ltd" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta Ltd</keyword>, on Monday said it has paid all its maturing loans and bonds due in this month to reduce its <keyword id="66469" type="General" weightage="20" keywordseo="gross" source="Orion">gross</keyword> debt by a further USD 1 billion. Vedanta has now reduced debt by a total of USD 3 billion since it announced in February 2022 its intention to accelerate deleveraging. It had announced plans to reduce debt by USD 4 billion within 3 years. "Vedanta has thereby achieved 75 per cent of its committed reduction in just 14 months," the firm said in a statement. The firm's gross debt now stands at USD 6.8 billion, down from USD 7.8 billion at the end of March 2023 and from USD 9.7 billion at the end of March 2022. "During the balance of FY24, we believe that strong operational performance from our world class asset base coupled with robust commodity prices will lead to further deleveraging at Vedanta," the statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/shopping-mall-operators-revenue-to-rise-7-9-this-fiscal-crisil/articleshow/99730844.cms">Shopping mall operators' revenue to rise 7-9% this fiscal: CRISIL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/playstation-5-special-summer-offer-discount-for-all-the-ps5-variants/articleshow/99729513.cms">This could be your last chance to grab a PlayStation 5 at a ₹5000 discount in India</a>

Vedanta Resources cuts gross debt by USD 1 billion

<keyword id="99389" type="General" weightage="20" keywordseo="vedanta-resources" source="Orion">Vedanta Resources</keyword> Limited (<keyword id="28423" type="DOMAIN" weightage="100" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword>), the parent company of Mumbai-listed mining giant <keyword id="11969166" type="DOMAIN" weightage="100" keywordseo="vedanta-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta ltd" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta Ltd</keyword>, on Wednesday said it has further repaid USD 400 million of loans, cutting gross debt to USD 6.4 billion. In a statement, the firm helmed by billionaire <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> said it "has paid all its maturing loans and bonds due in May and June 2023.. "As such, gross debt has further reduced to USD 6.4 billion, a USD 3.3 billion reduction since Vedanta announced its deleveraging ambition in March 2022," it said. CreditSights, a Fitch Group firm, had last week stated that it saw lower refinancing risk for Vedanta Resources Ltd's (VRL) near-term debt maturities on a new USD 850 million loan refinancing. "Looking ahead, while we estimate more funds need to be raised to fully fund VRL's estimated USD 2.1 billion of FY24 (April 2023 to March 2024 fiscal year) debt refinancing needs (USD 850 million covered, implying a gap of USD 1.25 billion), we think VRL still has multiple funding avenues to tap onto. These include share pledges and dividend upstreaming," it had said. The firm had last on April 24 stated that it had cut gross debt to USD 6.8 billion after repayments. "Vedanta is targeting further debt reduction during the balance of FY24, and ultimately intends to lower gross debt towards zero," the company statement said Wednesday. "This will be aided by our expectations of robust demand, particularly in India, coupled with strong operational performance from our world-class asset base.. Vedanta's gross debt as of today stands at USD 6.4 billion, down from USD 6.8 billion at the end of April 2023, USD 7.8 billion at the end of March 2023, and USD 9.7 billion at the end of March 2022. It however did not indicate a timeline for reaching zero gross debt. "We remain aware of refinancing risk on VRL's USD 4.1 billion debts due in FY24, for which VRL will likely have to rely heavily on external fundraising for a USD 2.1 billion refinancing and an additional USD 950 million to plug a funding gap. "At this point, we would still lean towards VRL being successful at tying up its USD 2.1 billion of fundraising, given VRL's track record of 'going to the brink and succeeding', recent debt reductions, recent fresh fundraising efforts and that we think various alternative funding channels remain open for VRL, despite the tighter bank funding conditions," CreditSight had said. These avenues include pledging of promoter stake in the main operating company Vedanta Ltd and further dividend upstreaming from operating companies. "We also think VRL's timely debt repayments thus far and recent refinancing progress could support lending sentiment," it had said. "We caution of execution risk: VRL's refinancing of the USD 1-1.25 billion loan is not finalised yet and a lack of progress, a failure of refinancing talks, or its inability to tie up the loan for late-FY24 pose downside risks to our recommendation." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/fintech-unicorn-taxfix-lays-off-120-employees-to-cut-costs/articleshow/100646092.cms">Fintech unicorn Taxfix lays off 120 employees to cut costs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-metro-launches-whatsapp-based-ticketing-service-on-airport-line/articleshow/100646250.cms">Delhi Metro launches WhatsApp-based ticketing service on Airport Line</a>

Vedanta Resources pays $400 million debt, borrowings down to $6.4 billion

Mining conglomerate <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> Ltd on Tuesday reported 36.5 per cent rise in consolidated net profit at Rs 3,606 crore for June quarter FY25 due to improved margins and robust cost reduction across all operations. The company had posted a net profit of Rs 2,640 crore in the year-ago period. Income rose to Rs 36,698 crore over Rs 34,279 crore in the year-ago period, according to an exchange filing. Vedanta said in a statement that the proposed demerger of its businesses is on track and it has already filed the demerger scheme with NCLT after getting a nod from secured creditors. The company said that its board has approved a capex investment of USD 270 million for its oil and gas business. "The strategic priority for the Cairn Oil &amp; Gas business is to augment reserves and increase near term volume through infill wells and enhanced oil recovery. In order to deliver this, the Board has approved capex investment (net) of USD 270 million across fields in the Rajasthan block for drilling wells and construction of surface facility for ASP ( Alkaline Surfactant Polymer) injection," the company said in a separate filing. Vedanta Executive Director Arun Misra said that the company has delivered a strong start to the year, with exceptional EBITDA improvement of 47 per cent and PAT improvement by 54 per cent year-over-year on the back of improved margins, and robust cost reduction across all operations. "Our aluminium and zinc divisions continue to outperform industry benchmarks, consistently ranking in the top quartiles and deciles of the global cost curve. These achievements are a direct result of our strategic focus on cost, as reflected in a 20 per cent year-over-year reduction in overall cost," he said. The company's growth projects are well on track and it remains committed to commission the majority of these projects in FY25. "Moving ahead, our focus on operational efficiency, sustained expansion, and ESG excellence will guide our journey. With this dedication, we are confident in our ability to create substantial shareholder value in the year ahead," he added. Last month, the mining conglomerate raised Rs 8,500 crore (over USD 1 billion) through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share. Company's CFO Ajay Goel said, "The overwhelming response to the Vedanta's... QIP...underscores investors' huge confidence. The proceeds from the QIP will be further instrumental in deleveraging the balance sheet and reduction of finance costs. We have received all the requisite approvals and have filed the demerger scheme with the National Company Law Tribunal (NCLT) taking our demerger a step closer to reality." The company's gross debt stood at Rs 78,016 crore as on June 30, 2024. Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies spanning across India, South Africa, Namibia, Liberia, the UAE, Korea, Taiwan and Japan with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power and glass substrate. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms">Neeraj Chopra qualifies for finals with a first throw of 89.34m – top rivals to look out for</a>

Vedanta Q1 profit surges 37% to ₹3,606 crore on improved margins

<keyword id="28423" type="DOMAIN" weightage="20" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword>'s <keyword id="64469" type="General" weightage="100" keywordseo="cairn" source="Orion">Cairn</keyword> Oil &amp; Gas on Thursday announced the appointment of <keyword id="10020546" type="General" weightage="90" keywordseo="Nick-Walker" source="Orion">Nick Walker</keyword> as the new chief executive officer (CEO) of the company. In a statement, the company said the appointment is effective January 5. "Before this appointment, Walker was president and chief executive officer at <keyword id="9024567" type="General" weightage="50" keywordseo="lundin-energy" source="Orion">Lundin Energy</keyword>, one of the leading European independent E&amp;P companies," it said. Having worked previously in companies like BP, <keyword id="503735" type="General" weightage="50" keywordseo="talisman-energy" source="Orion">Talisman Energy</keyword> and Africa Oil, he has over 30 years of diverse international experience in technical, commercial and executive leadership roles. He will be the sixth CEO of the company since mining billionaire Anil Agarwal-led group bought the company from Scottish explorer Cairn Energy plc, now known as Capricorn Energy plc, in 2011. Walker comes into Cairn Oil &amp; Gas after Prachur Sah quit the firm to join <keyword id="13893871" type="DOMAIN" weightage="20" keywordseo="indus-towers" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="indus towers" meta.entityname="Indus Towers Ltd." meta.entityid="22411" meta.seoname="indus-towers-ltd">Indus Towers</keyword> Ltd (formerly <keyword id="16136085" type="DOMAIN" weightage="20" keywordseo="bharti-infratel-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="bharti infratel ltd" meta.entityname="Indus Towers Ltd." meta.entityid="22411" meta.seoname="indus-towers-ltd">Bharti Infratel Ltd</keyword>) as managing director and CEO effective January 3, 2023. Rahul Dhir, the company's first CEO who oversaw its listing and development of India's biggest oil discovery in Rajasthan, quit the company in August 2012. His successor P Elango resigned in May 2014, while the third CEO <keyword id="2565808" type="General" weightage="50" keywordseo="mayank-ashar" source="Orion">Mayank Ashar</keyword> resigned in May 2016. Thereafter, Sudhir Mathur resigned in April 2018. Sah was appointed deputy CEO in October 2020. Announcing the appointment of the new CEO, Anil Agarwal, Chairman, of <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword>, said, "We welcome Nick as the CEO for Vedanta's Cairn Oil &amp; Gas business and look forward to him driving the company's growth in years to come. Nick's global experience and incredible track record in the energy sector will provide the right expertise as Cairn embarks on the next phase of growth and sustainability." Walker will be leading all aspects of Cairn's strategy, including the development of strategic alliances with global partners to fast-track business delivery. He will drive the adoption and deployment of best-in-class oil and gas technologies and processes, with a focus on innovation and digitalization, for business transformation, the statement said. "Cairn Oil &amp; Gas is committed to increasing India's domestic crude oil and gas production with a vision to contribute 50 per cent of India's production and adding reserves and resources. "As one of the fastest developing economies, India is seeking to achieve energy self-sufficiency through a marked reduction in oil imports which currently account for 85 per cent of national consumption," it said. India produced 22.1 million tonnes or 442,000 barrels per day of crude oil during the first nine months of the current fiscal, according to official data available from the <keyword id="1538751" type="General" weightage="50" keywordseo="union-ministry-of-petroleum-and-natural-gas" source="Orion">Union Ministry of Petroleum and Natural Gas</keyword>. Vedanta in a stock exchange filing on January 3, 2023, giving out production numbers, stated that its oil and gas production during the October-December quarter was 144,789 barrels per day. <keyword id="11969166" type="DOMAIN" weightage="20" keywordseo="vedanta-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta ltd" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta Ltd</keyword> is a subsidiary of Vedanta <keyword id="4217600" type="DOMAIN" weightage="20" keywordseo="resources-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="resources ltd" meta.entityname="Crest Ventures Ltd." meta.entityid="10512" meta.seoname="crest-ventures-ltd">Resources Ltd</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-20000-crore-green-hydrogen-ambitions-and-debt-repayment/articleshow/97123733.cms">Adani Enterprises’ ₹20,000 crore FPO opens on January 27, will fuel its green hydrogen ambitions, repay debt</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/government-bullish-on-railway-assets-monetisation-in-union-budget/articleshow/97123879.cms">Government bullish on railway assets monetisation in Union Budget</a>

Nick Walker is new CEO of Vedanta Cairn Oil and Gas

<keyword id="2735606" type="General" weightage="80" keywordseo="vedanta-ltd" source="Orion">Vedanta Ltd</keyword> on Friday reported a 40.8 per cent drop in consolidated net profit to Rs 2,464 crore for the third quarter ended December 2022 on higher input costs. The company posted a consolidated net profit of Rs 4,164 crore in the year-ago period, Vedanta Ltd said in a <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> filing. However, the consolidated income of the company in the October-December period increased marginally by 0.4 per cent to Rs 34,818 crore from Rs 34,674 crore a year ago. Vedanta Ltd, a subsidiary of <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword>, is a diversified global natural resources company with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminium and power across India, South Africa and <keyword id="47514" type="General" weightage="20" keywordseo="namibia" source="Orion">Namibia</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/coal-india-to-produce-sand-using-overburden-rocks-likely-to-begin-ops-at-5-plants-by-next-year/articleshow/97375017.cms">Coal India to produce sand using overburden rocks; likely to begin ops at 5 plants by next year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2023-funding-support-liberal-tax-regime-and-other-things-fintechs-expect-from-the-government/articleshow/97373905.cms">Budget 2023: Funding support, liberal tax regime and other things fintechs expect from the government</a>

Vedanta Q3 net profit drops 41% on higher input costs

<keyword id="2735606" type="General" weightage="80" keywordseo="vedanta-ltd" source="Orion">Vedanta Ltd</keyword> has won the bid for two coal mines in <keyword id="6357961" type="General" weightage="50" keywordseo="odisha" source="Orion">Odisha</keyword>, which were put up for e-auction by the government for commercial mining purpose on Wednesday. The Anil Agarwal-led conglomerate won the bid for <keyword id="14967983" type="General" weightage="80" keywordseo="ghogharpalli" source="Orion">Ghogharpalli</keyword> and its <keyword id="14988853" type="General" weightage="80" keywordseo="dip-extension" source="Orion">Dip Extension</keyword> mines. Both the coal mines are fully explored and the total geological reserves are 1,288.28 million tonnes. Peak rate capacity (PRC) for both the mines is 20 million tonnes per annum, official sources said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/weight-gain-during-the-pandemic-is-increasing-the-incidence-of-pcos-in-women/articleshow/94202794.cms">Weight gain during the pandemic is increasing the incidence of PCOS in women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ed-asks-paytm-to-freeze-certain-amounts-from-few-merchant-ids-after-raids-ld/articleshow/94212409.cms">ED asks Paytm to freeze certain amounts from few merchant IDs after raids (Ld)</a>

Vedanta bags 2 Odisha coal mines in e-auction

<ul><li>The company has clarified that the proposed semiconductor manufacturing will be undertaken by the holding company, <keyword id="241647" type="General" weightage="20" keywordseo="Volcan-Investments" source="Orion">Volcan Investments</keyword> and not listed Vedanta.</li><li>Volcan Investments is a holding company wholly owned by the Agarwal family trust, which is not listed on exchanges.</li><li>With this, India will enter the list of very few countries like Taiwan that are leaders in making such chips.</li><li>The rating agency Moody’s says that Vedanta is not expected to be the financier in the proposed investment but in future if it does get involved, it will hurt its finances.</li></ul>Shares of Anil Agarwal-led company slipped as much as 9% today after surging 14% in the last two days. This comes after the company clarified that the proposed semiconductor manufacturing will be undertaken by the holding company, Volcan Investments and not the listed Vedanta. Volcan Investments is a holding company wholly owned by the Agarwal family trust, which is not listed on exchanges. Shares of Vedanta were on an uptrend in the last few days as investors were excited about the company's investment into semiconductor manufacturing. Besides, reports of Vedanta venturing into making Apple iPhones and electric vehicles added to the rally. “We reiterate that the proposed business of manufacturing semiconductors is not under Vedanta Limited and we understand that it will be undertaken by the ultimate holding company of Vedanta Limited, Volcan Investments Limited,” said the company in a BSE statement. Vedanta, an oil-to-metals conglomerate, and Taiwanese electronics giant Foxconn have formed a joint venture to invest over ₹1.54 lakh crore to set up a semiconductor manufacturing facility in Gujarat. The proposed facility will come up over the next two years in Gujarat. Chairman <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> shared the news on Twitter and said the investment of ₹1.54 lakh crore will be set up in Gujarat and “will help make India's #Atmanirbhar Silicon Valley a reality." <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> Reports say huge investment in Gujarat comes ahead of key local elections. There is a political twist to it as well given some reports say Maharashtra chief minister Eknath Shinde had invited the company to sign a Memorandum of Understanding (MoU) to set up a facility in Talegaon near Pune city in Maharashtra. With this, India will enter the list of very few countries like Taiwan that are leaders in making such chips. The rating agency Moody’s says that Vedanta is not expected to be the financier in the proposed investment but in future if it does get involved, it will hurt its finances. “Volcan’s proposed $20 billion semiconductor project has no immediate impact on Vedanta Resources Limited’s credit profile. We do not expect Volcan to extract any cash from Vedanta to fund this investment. Any deviation from this expectation, such that Vedanta is used as a financing vehicle for Volcan, will weigh on the company’s weak liquidity profile and pressure its B2 negative corporate family rating,” said Kaustubh Chaubal, senior vice president at Moody’s Investors Service. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/headline-india-is-a-prime-spot-for-all-bulge-bracket-pes-says-bank-of-americas-debasish-purohit/articleshow/94238157.cms">India is a prime spot for all bulge bracket PEs, says Bank of America's Debasish Purohit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-just-1-billion-away-from-becoming-the-second-richest-person-in-the-world-as-per-bloomberg-index-report/articleshow/94242575.cms">Gautam Adani is $1 billion away from beating Jeff Bezos as the second richest person in the world</a>

Vedanta slips 9% after it clarifies semiconductor venture to be undertaken by Volcan Investments

M&M, Tata Motors, Tata Power, Vedanta among stock to watch out for on July 8

<ul><li>Hindalco Industries was the top performer with nearly 7% gains followed by Vedanta, NALCO, Tata Steel and SAIL which rose 4%-6%.</li><li>The Chinese government is considering raising $220 billion by selling special bonds to accelerate infrastructure funding and reviving the pandemic-hit economy.</li><li>The funds raised are for infrastructure spending.</li><li>Analysts say the development will boost Indian metal companies.</li></ul>Shares of metal companies surged in the last hour of trading on expectations of strong demand from China, the biggest commodity producer and consumer, after a report that the country was considering a $220- billion stimulus. The shares of Indian metal companies shot up right after Bloomberg reported that the Chinese government was considering raising $220 billion by selling special bonds to accelerate infrastructure funding and revive the pandemic-hit economy. These sales of bonds are likely in the second half of the year. The funds raised are to be used for accelerating the country’s infrastructure development that had taken a hit post the pandemic and the collapse of Evergrande. The demand for metal commodities like steel from China has been muted since <a href="https://www.businessinsider.in/stock-market/news/collapse-of-evergrande-may-haunt-tata-steel-jspl-nalco-and-other-metal-stocks/articleshow/86387294.cms">September 2021</a>, when Evergrande, the second-largest real estate developer in China, crumbled under the weight of its own debt. The Indian government’s 15% duty on steel exports have also been hurting the sector, crimping exports. This latest stimulus plan will revive demand for metals and is seen as a much needed booster for the Indian metal companies, which had ramped up exports to the country in recent times after Chinese companies shut down or underwent lockdowns. On Thursday, Aditya Birla Group firm Hindalco Industries, one of the biggest aluminium and copper manufacturers, was the top performer on the Nifty 50, ending almost 7 percent higher at ₹364.40 on Thursday. Steel makers Tata Steel and Jindal Steel ended up 5.6 percent and 5.4 percent respectively. The Nifty Metal index closed nearly 4% higher today. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top performers in metal sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Closing gains on July 7 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.88% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vedanta </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.32% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NALCO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.67% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.63% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SAIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.60% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jindal Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.47% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Copper </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.05% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NMDC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.47% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.96% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Zinc </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.91% </td></tr></tbody></table> Analysts believe the development in China is a much needed push for domestic metal companies. “Since there is news that China is coming out with a large stimulus of $220 billion, which could put a lot of strength in metals and commodities, which are trading at abysmal levels. Currently, there are many metals stocks which are trading below their value. China has acted like a real icing on the cake. We believe metals are very big value pitches, which need a right recipe for movement and that has just come,” Sanjiv Bhasin, director at IIFL Securities, told Business Insider India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-taxes-on-cottage-cheese-will-hit-the-cottage-industry-and-dairy-lovers-alike/articleshow/92714967.cms">Indian taxes on cottage cheese will hit the cottage industry and dairy lovers alike</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/gone-with-the-windfall-tax-ongc-loses-a-fifth-of-its-market-value/articleshow/92721451.cms">Gone with the windfall tax: ONGC loses a fifth of its market value</a>

You Searched For "Vedanta Ltd" and got 12 results

Vedanta Resources cuts gross debt by USD 1 billion

PTI

Vedanta Resources pays $400 million debt, borrowings down to $6.4 billion

PTI

Vedanta Q1 profit surges 37% to ₹3,606 crore on improved margins

PTI

Nick Walker is new CEO of Vedanta Cairn Oil and Gas

PTI

Vedanta Q3 net profit drops 41% on higher input costs

PTI

Vedanta bags 2 Odisha coal mines in e-auction

IANS

Vedanta slips 9% after it clarifies semiconductor venture to be undertaken by Volcan Investments

Bhakti Makwana

M&M, Tata Motors, Tata Power, Vedanta among stock to watch out for on July 8

Indian metal shares surge as demand hopes build after China’s $220 billion stimulus plan

Bhakti Makwana

Tata Motors, Kotak Mahindra Bank, IndusInd Bank among stocks to watch out for on July 5

Bhakti Makwana

RIL, Vedanta, Tata Steel, Yes Bank among stocks to watch out for on June 21

Bhakti Makwana

M&M, Coal India, Vedanta, RBL Bank among stocks to watch out on June 13

Bhakti Makwana

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