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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

<ul><li>Vedanta Ltd on Thursday termed any talks of sale in oil-to-metals conglomerate as "untrue and baseless". </li><li>A news report said that mining mogul Anil Agarwal is contemplating a stake sale in Vedanta as a last-resort option. </li><li>Vedanta Resources has been looking to reduce its debt through the sale of its zinc assets.</li></ul>New Delhi, Vedanta Ltd on Thursday termed any talks of sale in oil-to-metals conglomerate as "untrue and baseless." This comes in the wake of news report which said that mining mogul Anil Agarwal is contemplating a stake sale in Vedanta as a last-resort option and is examining the possibility of selling less than 5 per cent of the company. According to company's spokesperson, "Any talk of stake sale in Vedanta Ltd is untrue and baseless." The media report said that stake sale in Vedanta is a last resort for Agarwal and will only be considered if other fundraising options fail. Vedanta Resources which is a majority shareholder of Vedanta Ltd has been looking to reduce its debt through the sale of its zinc assets for a cash consideration of USD 2,981 million to Hindustan Zinc Ltd (HZL). However, the government which holds 29.54 per cent stake in Hindustan Zinc has sternly opposed this move. Vedanta holds 64.92 per cent of the equity share capital of HZL. Vedanta Resources had earlier said that it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns around its financial position. In a statement, the firm, which is the majority owner of Mumbai-listed mining and oil and gas company Vedanta Ltd, had said it is in the advanced stage of finalisation to tie up USD 1.75 billion through a combination of syndicate loan and bilateral bank facilities. Vedanta Resources had said it has pre-paid all of its debt that was due for repayment till March 2023, deleveraging by USD 2 billion in the past 11 months. Further, it is confident of meeting its liquidity requirements for the quarter ending June 2023. Vedanta Resources had recently said that it has fully repaid 250 million dollar in loans it had taken from Barclays Bank and Standard Chartered Bank.

Vedanta says talks of stake sale 'untrue and baseless'

<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

<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="6355267" type="General" weightage="20" keywordseo="mining" source="Orion">Mining</keyword> mogul <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> has said his <keyword id="28423" type="General" weightage="20" keywordseo="vedanta" source="Orion">Vedanta</keyword> group has ample cash flow to service all its <keyword id="44647" type="General" weightage="20" keywordseo="debt" source="Orion">debt</keyword> repayment obligations and that it aims to become a "net <keyword id="817349" type="General" weightage="20" keywordseo="zero-debt" source="Orion">zero debt</keyword> company" in 2-3 years. Agarwal said questions over Vedanta's debt servicing ability are "absolutely irrelevant" as the group will make USD 9 billion of profits next year on revenue of USD 30 billion, which would be sufficient to meet all obligations. The comments by the former scrap metal trader turned industrialist come at a time when scrutiny of highly leveraged Indian conglomerates grows following a US short seller attack on the Adani group. "We have the lowest debt in the world for a group of our size," Agarwal, founder, and chairman of Vedanta Resources, told PTI in an interview here. And the debt is a result of investing billions of dollars across businesses, he said. "Total debt in the company is USD 13 billion. And we have a profit this year of USD 7 billion. Next year our revenue would be USD 30 billion and we will have USD 9 billion profit" across the group. The cash flows are more than sufficient to meet debt servicing obligations. "We are very comfortable," he said. "We have never defaulted to make any payment. We always have a plan to make the payments." Earlier this week, Vedanta Resources Ltd, the parent company of Mumbai-listed mining giant Vedanta Ltd, said it has paid all its maturing loans and bonds due this month to reduce its gross 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, of which it has achieved 75 per cent of the committed reduction in 14 months. Agarwal said it is "absolutely irrelevant" to talk about the debt payment capability of the group. The group, whose business spans from zinc to silver, iron ore to aluminium and oil and gas, borrows the bare minimum, and "we have enough cash flow to service that debt," he said. He went on to state that the group would be a net zero debt company in 2-3 years' time. "At the moment the plan is that in 2-3 years we will be a net zero debt company," he said hastening to add that the group may have to borrow in pursuit of its aggressive expansion plans. Diversified natural resources conglomerate plans building capacities in zinc, oil and gas, and aluminium businesses as it believes supply will remain a challenge in the commodities' space in the medium term. The group, which has already invested USD 35 billion in the country so far, plans to become a USD 100-billion company by 2030. Vedanta is also foraying into the manufacturing of semiconductor and display fabs and signed an initial pact with Apple supplier Foxconn to set up a manufacturing facility in Gujarat. India is 100 per cent import-dependent for fabs and semiconductors with domestic consumption expected to cross USD 80 billion by 2026 and touch USD 110 billion by 2030. "Yes 100 per cent within a maximum of 2-3 years time, we will be zero debt company. But we have to do a lot in India. We have to create semiconductors (factory), we have to create display glass (factory), we have to expand our copper (business), we have to expand our aluminium (business), we have to expand oil and gas (operations), this is important. At that point, we might have to take debt (but) we have no plan (as of now)," he said. S&amp;P Ratings on April 3 stated that Vedanta will likely have enough liquidity until December. US short-seller Hindenburg Research's damning report on billionaire tycoon Gautam Adani's infrastructure conglomerate this year triggered a stock market routing that had erased about USD 145 billion in his group's market value at its lowest point. Adani group has denied all allegations by Hindenburg and is plotting a comeback strategy. Agarwal dismissed concerns about paying upcoming liabilities, stressing his commodities businesses were generating enough cash to service debt. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/best-discounts-offers-and-deals-on-smartphones-laptops-and-electronics-items-in-amazon-sale-2023/articleshow/99815311.cms">Amazon Sale 2023: Bank discounts, offers, and deals on gadgets and more teased</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/how-to-grant-social-benefits-to-same-sex-couples-sc-asks-centre/articleshow/99815407.cms">'How to grant social benefits to same-sex couples', SC asks Centre</a>

Anil Agarwal makes 'zero debt' pledge, says 'very comfortable' servicing debt

Billionaire Anil Agarwal's <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword> on Wednesday said it has slashed debt by USD 2 billion in the current fiscal as it looked to soothe investor concerns over ability to repay upcoming obligations. The company, which is the parent firm of Mumbai-listed <keyword id="2735606" type="General" weightage="50" keywordseo="vedanta-ltd" source="Orion">Vedanta Ltd</keyword>, had a net debt of USD 9.66 billion as of March 31, 2022, according to an investor presentation on its website. After repayments and borrowings, it has about USD 7.7 billion outstanding, of which USD 3 billion is due for repayment in the fiscal year starting April 2023. In a statement, the company said it has "deleveraged by USD 2 billion in the past 11 months, thus achieving half of its USD 4 billion 3-year debt reduction commitment in the first year alone." Last week, S&amp;P Global Ratings had stated that the company's credit ratings may "come under pressure" if it is unable to raise USD 2 billion and/or sell its international zinc assets. "Powered by robust domestic consumption in the fastest growing major economy, <keyword id="28423" type="General" weightage="100" keywordseo="vedanta" source="Orion">Vedanta</keyword> is delivering healthy cash flows whilst maintaining disciplined capital allocation and has reduced net debt by USD 2 billion, ahead of plans for this fiscal. "During 2023-24 (FY24) and 2024-25 (FY25), Vedanta will continue to deleverage from net debt of USD 7.7 billion and plans to cover 50 per cent of FY24 liquidity requirements internally and the balance through refinancing," the Vedanta statement said. Vedanta Ltd (Vedanta Resources has 70 per cent stake) has proposed sale of the international zinc business to Hindustan Zinc Ltd (Vedanta Ltd has 65 per cent ownership) for nearly USD 3 billion. The government reportedly is averse to the deal. Valuation of the assets is among several concerns flagged by the government, which holds a 29.54 per cent stake in HZL, which was privatised more than two decades ago. S&amp;P had last week stated that Vedanta Resources is fully funded until March 2023, following a dividend declared by Vedanta Ltd in January. "We estimate further dividends from Vedanta Ltd, together with management fees, can be used to meet about USD 1.5 billion of the USD 2 billion the parent requires between April and June, including inter-company loans and interest expenses," it had said. Debt maturities next fiscal include USD 500 million of loan repayments in the quarter ending December 31, 2023 and a USD 1 billion bond in January 2024. "Over the past 20 years, Vedanta has raised more than USD 35 billion through debt and equity and yielded highly attractive returns to shareholders, while maintaining an excellent track record of debt servicing," the Vedanta statement said. Vedanta has a portfolio comprising zinc (world's largest integrated producer), aluminium (<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s largest producer of primary aluminium), oil and gas (India's largest private producer of crude oil), silver (6th largest producer globally), battery metals: Nickel (India's sole nickel producer) and cobalt, copper, iron ore and steel and commercial energy. "Vedanta's next phase of growth will be fueled by its associated companies' investments into semiconductors (India's first semiconductor producer in collaboration with Foxconn), display glass (Avanstrate), renewables (through joint venture with KKR), optical fibre (fibre to home) and transmissions (half of India's power transmission)," the statement said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-posts-820-crore-net-profit-in-q3-gautam-adani-says-current-market-volatility-temporary/articleshow/97914997.cms">Adani Enterprises posts ₹820 crore net profit in Q3: Gautam Adani says current market volatility temporary</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-q3-net-loss-widens-to-7990-crore-average-revenue-per-user-edges-up-to-135/articleshow/97939836.cms">Vodafone Idea Q3 net loss widens to ₹7,990 crore, average revenue per user edges up to ₹135</a> <a href="https://www.businessinsider.in/business/corporates/news/nykaas-stock-plunges-4-2-after-its-q3-net-profit-slips-70/articleshow/97901748.cms">Nykaa’s stock plunges 4.2% after its Q3 net profit slips 70%</a>

Vedanta cuts debt by $2 billion ahead of target to soothe investor concerns

<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

<ul><li>India's benchmark stock indices are set for the best April since 2009.</li><li>However, over half of those gains came in the last week of trading, and a big chunk of it Thursday, April 30. </li><li>At least three out of the top ten weekly gainers, IndusInd Bank, HDFC, and ICICI Bank, were buoyed by hopes that loan defaults in India won't be as bad as previously expected.</li><li>Follow the latest news and highlights on businessinsider.in.</li></ul>India's top ten listed companies together added a whopping ₹3.1 lakh crore to market capitalisation last week. In a week, shortened by a holiday, India's benchmark indices gained over 7%. However, the sharpest rise in percentage terms, among the blue-chip stocks, came from companies outside of the heavyweights like Reliance Industries, Tata Consultancy Services (TCS), and the HDFC twins. American drug maker Gilead’s success in a clinical trial has given the world hope of finding a cure for COVID-19 coronavirus pandemic. That led to an over- 1,000 point rally in the Sensex on Thursday (April 30) morning, in sync with <a href="https://www.businessinsider.in/stock-market/news/dow-soars-530-points-as-coronavirus-treatment-optimism-overshadows-gdp-slump/articleshow/75460930.cms" data-type="tilCustomLink" target="_blank">the optimism around the globe</a>. <div type="Article" hostid="261" msid="75459632" title="Indian-American-led clinical trial of remdesivir in COVID-19 treatment shows positive results" mstype="2" mssubtype="0"></div> The Indian benchmark indices, Sensex and Nifty, have gone up 14% since April 3, but more than half of those gains came in the last week of trading ⁠— at a time when <a href="https://www.businessinsider.in/policy/economy/news/this-is-how-global-economies-are-expected-to-grow-in-the-first-year-after-coronavirus-pandemic/articleshow/75441608.cms" data-type="tilCustomLink" target="_blank">Moody’s slashed India’s growth forecast</a> for calendar year 2020 to 0.2%, from 2.5% it had projected in March, <a href="https://www.businessinsider.in/business/startups/news/udaan-fires-half-its-contract-employees/articleshow/75357229.cms" data-type="tilCustomLink" target="_blank">layoffs continue</a>, earnings from a top lender (<a href="https://www.businessinsider.in/business/corporates/news/axis-bank-q4-earnings-show-bad-loans-ease-but-ceo-amitabh-chaudhry-maintains-caution/articleshow/75429938.cms" data-type="tilCustomLink" target="_blank">Axis Bank</a>) disappointed, and some of the world’s <a href="https://www.businessinsider.in/business/news/sachin-bansal-takes-the-same-line-as-donald-trump-and-elon-musk-let-people-work-and-live-with-coronavirus/articleshow/75453465.cms" data-type="tilCustomLink" target="_blank">most influential billionaires</a> lost their patience with the economic shutdown. Though they had no impact on the market, two of India's most-talented Bollywood stars, <a href="https://www.businessinsider.in/entertainment/news/irrfan-khans-inspiring-journey-from-chandrakanta-to-macbeth-to-a-father-struggling-to-get-his-child-into-a-school/articleshow/75445225.cms" data-type="tilCustomLink" target="_blank">Irrfan Khan</a> and <a href="https://www.businessinsider.in/entertainment/news/rishi-kapoor-passes-away-at-67/articleshow/75464201.cms?upache=2" data-type="tilCustomLink" target="_blank">Rishi Kapoor</a>, passed away making the general mood a lot worse. While the bigger picture looked bleak, there were quiet celebrations happening in different pockets of the Indian share market. At least two out of the top ten weekly gainers, IndusInd Bank and HDFC, were buoyed by hopes that loan defaults in India won't be as bad as previously expected. Here’s a look at the top 10 gainers among the blue-chip stocks this week ending April 30: <table style="width: 461pt;"> </colgroup> <tbody><tr> <td class="xl66" style="height:15.0pt;width:128pt">Stock</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 98pt;">Gains this week</td> <td class="xl68" style="border-left-width: initial; border-left-style: none; width: 235pt;">Trigger</td> </tr> <tr> <td class="xl69" style="height: 30pt; border-top-width: initial; border-top-style: none;">Tata Motors </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">23.93%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Jaguar Land Rover has <a href="https://www.livemint.com/auto-news/jaguar-land-rover-recovers-up-to-75-production-in-china-as-demand-returns-11588159987336.html" data-type="tilCustomLink" target="_blank">restored three-fourths of its budgeted production</a> in China </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;">ONGC</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">20.34%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Raised ₹1,000 crore via commercial papers at a cheap rate of 4.13% per annum. This showed debt market’s strong interest in India’s largest explorer despite an oil crash that has hammered its cash flows, <a href="https://economictimes.indiatimes.com/markets/stocks/news/ongc-issues-cps-worth-rs-1000-crore-at-4-13-interest-rate/articleshow/75416400.cms" data-type="tilCustomLink" target="_blank">the Economic Times reported</a>. </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;">UPL</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">19.76%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The agrochemical maker said that the business is less affected by COVID crisis because farming continues with push from governments to ensure adequate food supply during lockdown. The company also repaid 30% of its debt in the last 3 months.</td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;"><a href="https://economictimes.indiatimes.com/hindalco-industries-ltd/stocks/companyid-13637.cms" data-type="tilCustomLink" target="_blank">Hindalco</a> </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17.21%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The <a href="https://www.businessinsider.in/business/corporates/news/hindalco-novelis-completes-acquisition-of-aleris/articleshow/75151080.cms" data-type="tilCustomLink" target="_blank">Aleris acquisition turned out</a> to be better than expected. Hindalco decided to pay an additoinal $50 million due to the better than expected performance revealed in the latest results. </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;"><a href="https://www.businessinsider.in/business/auto/article/hero-moto-share-price-is-at-a-six-year-but-exports-karizma-and-xtreme-sports-can-help/articleshow/74190134.cms" data-type="tilCustomLink" target="_blank">Hero Motocorp</a></td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17.05%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The stock has been on an uptrend since mid April due to a host of reasons including hopes that COVID fears may push people to avoid public transport in the near future but not everyone may be able to afford a car </td> </tr> <tr> <td class="xl69" style="height: 30pt; border-top-width: initial; border-top-style: none;">GAIL India </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">15.74% </td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">At the start of the week, the stock was down 50% in the last one year and nearly 20 'Buy' recommendations. </td> </tr> <tr> <td class="xl69" style="height: 60pt; border-top-width: initial; border-top-style: none;">Vedanta</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">15.21%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The rally in Vedanta was part of a larger change in sentiment in favour of metal stocks hoping for a reduction in competition from China.</td></tr><tr><td class="xl69" style="height: 60pt; border-top-width: initial; border-top-style: none;">HDFC </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">14.96% </td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The IndusInd Bank experience eases fear of defaults by borrowers of India's largest mortgage lender. </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;">HCL Tech</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">14.58%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Nomura gave a 'Buy' call on the stock on April 20 with a target price 25% higher. The stock has rallied since and is just ₹25 short of the target. </td> </tr> <tr> <td class="xl71" style="height: 60.75pt; border-top-width: initial; border-top-style: none;">IndusInd Bank</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">13.82%</td> <td class="xl73" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Earnings surprise as borrowers continue to <a href="https://www.businessinsider.in/stock-market/news/indusind-bank-shares-skyrocket-by-10-as-its-customers-choose-not-to-defer-paying-off-loans/articleshow/75425195.cms" data-type="tilCustomLink" target="_blank">repay loan instalments</a> </td> </tr></tbody></table>There will be no trading on May 1 on account of Maharashtra Day celebrations. The money did not come from the foreign investors. They continued to be net sellers in the cash market for the fourth straight month. It was domestic institutional investors like mutual funds that bought the most in this rally. “Markets this week rallied from the lows seen in March 2020. After almost a month of lockdown the world over, early signs of easing of the same along with some signs of the flattening of the COVID -19 curve spurred hope of economic activity resuming albeit at a slow pace. Some promise of a possible cure with positive preliminary results of a few drugs also added to hope and optimism," Shibani Sircar Kurian, Executive Vice President, Fund Manager &amp; Head- Equity Research,Kotak Mahindra Asset Management Company said. <div type="image" title="fii dii data" msid="75466705" hostid="261" caption="&amp;lt;p&amp;gt;Foreign investors in Indian share market remain net sellers for the fourth straight month. &amp;lt;/p&amp;gt;"></div> So, what does the road ahead look like? “The Fear Of Missing Out will drive many investors – including myself – off the sidelines," said Nigel Green, founder and chief executive of deVere Group, a global financial advisory firm. “Investor exuberance is contagious. As the markets move steadily higher - unfazed by the recent poor economic data from the peak of the pandemic – it can be expected that the uptick will further sharpen due to that powerful investor sentiment: FOMO," he added. If FOMO drives some of the global investors back to India, the rally may spillover into May. However, investors must also remember that the month of May is usually one where stocks underperform, leading to the widely-known adage "<a href="https://www.investopedia.com/terms/s/sell-in-may-and-go-away.asp" data-type="tilCustomLink" target="_blank">sell in may and go away</a>." Will May 2020 break the trend? SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indusind-bank-shares-skyrocket-by-10-as-its-customers-choose-not-to-defer-paying-off-loans/articleshow/75425195.cms" data-type="tilCustomLink" target="_blank">IRCTC share price has jumped 30% in April so far despite the lockdown that’s halted trains, ticketing, and even Rail Neer sales</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-shares-are-rising-ahead-of-earnings-because-every-two-out-of-five-rupees-in-revenue-come-from-telecom/articleshow/75445808.cms" data-type="tilCustomLink" target="_blank">Tech Mahindra shares are rising ahead of earnings because every two out of five rupees in revenue come from telecom⁠</a> <a href="https://www.businessinsider.in/policy/economy/article/a-corporate-lawyer-explains-why-indias-power-companies-cant-get-lower-tax-rate/articleshow/75442365.cms" data-type="tilCustomLink" target="_blank">Lawyers explain why India's power producers can't avail the lower tax rate</a> <a href="https://www.businessinsider.in/stock-market/news/hero-moto-to-tech-mahindra-to-wipro-indias-top-ten-cheapest-stocks-investors-can-buy-now/articleshow/75007066.cms" data-type="tilCustomLink" target="_blank">From Hero Moto to Tech Mahindra to Wipro ⁠— ten of India’s cheapest stocks that you could buy for bargain now</a>

You Searched For "vedanta debt reduction" and got 8 results

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

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

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Vedanta Resources cuts gross debt by USD 1 billion

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Anil Agarwal makes 'zero debt' pledge, says 'very comfortable' servicing debt

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Vedanta cuts debt by $2 billion ahead of target to soothe investor concerns

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Nick Walker is new CEO of Vedanta Cairn Oil and Gas

PTI

India's blue-chip indices see a dizzying rally this week⁠— these are the top ten gainers and what pumped them up

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