Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<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

New Delhi, March 3 () Moody's Investors Service on Tuesday said it has downgraded Vedanta Resources Limited's (Vedanta) corporate family rating (CFR).The rating was downgraded to B1 from Ba3."Moody's Investors Service has downgraded Vedanta Resources Limited's(Vedanta) CFR to B1 from Ba3," it said in a statement.Moody's Corporate Family Ratings (CFR) are opinions on a corporate family's ability to honour all of its financial obligations.The agency said it has also downgraded the rating on senior unsecured bonds issued by Vedanta and those issued by its wholly owned subsidiary, Vedanta Resources Finance II Plc and guaranteed by Vedanta, to B3 from B2.The outlook on all ratings is stable, the statement said."Today's downgrade of Vedanta's ratings was triggered by a sustained deterioration in the company's credit profile, and our expectation that its credit metrics will remain weak for the previous ratings," said KaustubhChaubal, Moody's Vice President and Senior Credit Officer.The agency said the low and volatile commodity price environment will mean that Vedanta's earnings are unlikely improve significantly.Consequently, the company's financial profile will take longer than anticipated to strengthen, it said."The rating actions also reflect Moody's revised view on the treatment of the loan raised in 2018 by Vedanta's sole shareholder, Volcan Investments, for Vedanta's privatization," the statement said.Its earlier analytical approach to assess Vedanta's credit strength was based on the separation of Vedanta and its operating subsidiaries from its shareholder, and the expectation that Volcan will not require Vedanta to service any of its debt obligations."However, we now expect Vedanta to pay an additional dividend towards meeting Volcan's upcoming debt maturity. While we note that the additional dividend will be adjusted towards reducing dividend payments in the next fiscal year, it blurs the separation between the two companies," Chaubal added.The B1 CFR is supported by Vedanta's large scale and diversified low-cost operations that produce a wide range of commodities such as zinc, oil and gas, aluminum, iron ore and power, it said.In addition, the company's strong position in key markets that enable it to command pricing premium and track record of generating stable margins through commodity cycles support its business profile, and are key credit strengths, the statement said.The company has USD 1.9 billion of debt maturing at the holding company, which comprises the USD 670 million bond due in June 2021 and USD 1.2 billion of bank loans that have a staggered maturity. Vedanta's liquidity is weak at the holding company level and Moody's estimates the holding company held cash of less than USD 50 million as of December 31, 2019.The holding company's cash needs until September 2021 include USD 1.9 billion of debt maturities - - USD 670 million bond due in June 2021; Volcan's entire USD 625 million privatisation debt interest expense of USD 500 million and regular dividend payments.Further, the stable outlook incorporates Moody's expectation that Vedanta will upstream cash dividends from its operating subsidiaries to itself to repay debt and complete refinancing for the balance of the holding company debt in a timely manner.However, a delay in completing refinancing at least 12 months prior to the relevant maturity dates will exert negative pressure on the ratings, Moody's said.For the 12 months to September 30, 2019, Vedanta Resources generated revenues of USD 13.7 billion and adjusted EBITDA of USD 3.3 billion. NAM PSK BAL

Moody's downgrades Vedanta Resources' corporate family rating

Itanagar, Feb 18 () Arunachal Pradesh ChiefMinister Pema Khandu on Tuesday handed over the PetroleumExploration Licenses (PEL) to Vedanta Limited for explorationof hydrocarbon resources in three exploration blocks in thestate.The three blocks are spread across 74.4 sq km of areain the districts of Changlang, Tirap and West Siang.The exploration in these blocks consists of two phases initial exploration phase and subsequent exploration phaseand the exploration period of each phase is of three yearswith a provision for an additional one-year extension, sourcesat the CMO said.The grant of licenses for the blocks would lead to anincrease in the exploration activities in the hydrocarbonsector in Arunachal Pradesh.In course of time, these exploration activities wouldreveal the potential of hydrocarbon reservoir of the state,which in turn would benefit the state in terms of revenue,employment and infrastructure development through CSRactivities, the sources added. UPLRG RG

Arunachal CM hands over PEL to Vedanta Limited

<ul><li>At 8:00 am, the SGX Nifty was trading 0.07% higher, higher pointing towards a cautious start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on a tepid note, tracking subdued cues from global markets. At 8:00 am, the SGX Nifty was trading 0.07% higher, pointing towards a cautious start for Nifty50. On Thursday, the US stocks finished lower as the tech shares struggled, weighing on the market. The Dow Jones Industrial Average closed 0.47% lower, and the S&amp;P 500 fell 28.48 points, towards the close. Here’s a list of stocks to watch for in trade on September 18: Dr Reddy's Laboratories Dr Reddy's Laboratories said it had settled litigation with a unit of Bristol Myers Squibb related to patents for Revlimid (lenalidomide) capsules, used to treat various kinds of cancer. "We are pleased with the settlement agreement, and look forward to bringing a generic version of lenalidomide to market soon subject to regulatory approval for the benefit of patients," Dr Reddy's Laboratories North America Generics CEO Marc Kikuchi said. The share price of Dr Reddy's Laboratories closed 4.26% higher yesterday. TVS Motor Company One of India's largest automakers, TVS Motor, has entered into a new distribution partnership in Colombia. The company has tied up with Autotecnica Colombiana SAS (Auteco SAS), a leading motorcycle assembler in Colombia. Autotecnica Colombiana SAS will operate 50 dealerships exclusive for the company and create dedicated space for the brand in over 600 retail outlets, it added. The share price of TVS Motor closed a percent lower on Thursday. Vedanta Vedanta Resources has approached the market regulator SEBI for necessary approvals to start the reverse book building process. The company, earlier in May, announced its plans to delist Vedanta from the Indian stock exchanges by buying out non-promoter shareholding. The share price of Vedanta closed a percent higher on Thursday. IRCTC IRCTC, the company that operates Indian Railways, is planning to levy ‘affordable’ user charges in 700-1,050 stations across the country. It will help build more revenue while providing better facilities and redevelop stations for passengers. The share price of IRCTC closed a percent higher on Thursday. Hindalco and Hindustan Copper Hindalco said that it has entered into a pact with Hindustan Copper for the long-term purchase and sale of copper concentrate produced by the PSU. Under this MoU, around 60% copper content of Hindustan Copper's current concentrate production will be utilised by Hindalco in the manufacture of refined copper. The share price of Hindalco closed 4% lower on Thursday, whereas Hindustan Copper gained 3% during the closing bells. Bharat Forge, Larsen &amp; Toubro, Hindustan Aeronautics Limited, and other defence stocks Defence stocks, including Bharat Forge, Larsen &amp; Toubro, and Hindustan Aeronautics Limited, will be in focus during the trade today since India has permitted foreign direct investment (FDI) of up to 74% under automatic route in the defence sector. The share price of Bharat Forge, Larsen &amp; Toubro, Hindustan Aeronautics, all were trading in red yesterday. Vodafone Idea The telecom giant Vodafone Idea has told the telecom regulator that it is dropping the contentious faster data speed claim as part of priority offering and is in the process of filing a revised plan, according to <a href="https://www.cnbctv18.com/telecom/vodafone-idea-drops-faster-speed-claim-in-priority-offering-informs-trai-about-revised-plan-6939661.htm">media reports.</a> The share price of Vodafone Idea closed 2.17% lower on Thursday. Sterling and Wilson Solar Sterling and Wilson Solar said that the company had won a 106.71 MW solar project in Chile, it's fifth in Latin America, worth $62.6 million (about ₹462 crore). "Sterling and Wilson Solar has signed an order of 106.71 MW worth USD 62.6 million in Chile. The order has been received from a global independent power producer (IPP), work for which is expected to begin in Q4 FY 2021," the company said in a statement. The share price of Sterling and Wilson Solar closed 5% lower yesterday. HDFC Bank A US-based law firm has filed a class-action suit against HDFC Bank, claiming damages for the losses incurred by investors because of "materially false and misleading" representations made by the bank. The share price of HDFC Bank closed a percent lower yesterday. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/instagram-and-facebook-appear-to-be-down-for-some-users-in-north-america-and-europe/articleshow/78176926.cms" data-type="tilCustomLink"> Instagram and Facebook were down for some users in North America and Europe</a> <a href="https://www.businessinsider.in/sports/news/dailyhunt-app-founders-confirm-ipl-2020-associate-sponsorship/articleshow/78169667.cms" data-type="tilCustomLink">EXCLUSIVE: Dailyhunt founders confirm IPL 2020 associate sponsorship — promise new release for Josh ahead of India’s biggest cricket tournament</a>

Top stocks to watch— Dr Reddy's Laboratories, HDFC Bank, TVS Motor, Vedanta, IRCTC, L&T, Bharat Forge, HAL, and more

Vedanta Limited, one of the world's largest globally diversified natural resource majors, has today announced the creation of 'Eureka', which is a web-based platform that would nurture and incubate in-house innovation and technology to coincide with National Technology Day today. The platform will most probably go live on May 30, 2016. 
 
A part of Vedanta's Innovation &amp; Technology programme, this has been created for Rs 200 crore, and would be funding in-house opportunities for research and development, said a company statement. 
 
To be headed by Ajay Dixit, Vedanta Limited’s CEO – Power, this is currently busy assessing a clutch of prospects in the field of mining, exploration and production. 'MAGMA', a new technology to convert of red mud into pig iron is also a part of the programme, which if successful, would be instrumental in protecting the mining area from being filled with red mud. In turn, this red mud would be used for more productive purposes. 
 
"Innovation is crucial to business success and sustainability in the natural resources industry. From assessing mineral deposits, cost management, ensuring worker safety to addressing environmental imperatives, innovative practices hold the key to value creation," Dixit said. 
 
Other than MAGMA, the viability of recovering zinc and lead from slag, generated during the smelting of zinc, is also being evaluated. The programme has received a submission from the Black Mountain Mining (BMM) project in South Africa, which has submitted a technology named 'REFLEX', facilitating the effective survey of mines. 
 
Some of the other areas under evaluation include: developing processes to reduce water consumption, converting fly ash into geo-polymer cement, and cutting down on paper consumption. 
 
<a href="http://andhrapatrika.in/te/cms/upload/server/php/2015/0607/thumbnail/vedanta.jpg">Image source</a>

You Searched For "vedanta resources limited" and got 6 results

Vedanta Resources cuts gross debt by USD 1 billion

PTI

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

PTI

Moody's downgrades Vedanta Resources' corporate family rating

PTI

Arunachal CM hands over PEL to Vedanta Limited

PTI

Top stocks to watch— Dr Reddy's Laboratories, HDFC Bank, TVS Motor, Vedanta, IRCTC, L&T, Bharat Forge, HAL, and more

Navdeep Yadav

Eureka, Vedanta’s web-based platform, to nurture and incubate in-house innovation and technology

BI India Bureau

Popular Keywords

Buying Guides