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Diversified natural resources company <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword>'s credit profile is not likely to be weighed down by the group's plans to make semiconductors, said S&amp;P Global Ratings. According to the global credit rating agency, <keyword id="99389" type="General" weightage="100" keywordseo="vedanta-resources" source="Orion">Vedanta Resources</keyword>' credit profile will not be weighed down by the group's $20 billion semiconductor manufacturing venture as the investment will be made outside of the company. "The business (semiconductor) will be undertaken in a separate entity under Vedanta Resources' holding company <keyword id="5026635" type="General" weightage="50" keywordseo="volcan-investments-ltd" source="Orion">Volcan Investments Ltd</keyword>," it said. Any potential credit impact of the planned investments in the semiconductor business will depend on the details of the funding plan, which have yet to emerge, the credit rating agency added. "For example, we could watch out for any change in Vedanta Resources' dividend policy, to support servicing of any debt at <keyword id="4055768" type="General" weightage="50" keywordseo="volcan" source="Orion">Volcan</keyword> for the semiconductor business. We believe Vedanta Resources will prudently manage its investments so that it does not put debt servicing at risk," S&amp;P Global Ratings said. According to the credit rating agency, the <keyword id="147780" type="General" weightage="50" keywordseo="vedanta-group" source="Orion">Vedanta Group</keyword>'s investments will also likely happen over a long period of time. "Our rating on Vedanta Resources does not assume any material exposure by the company or its key subsidiary, Vedanta Ltd., to the semiconductor business over the next 12-24 months," it said. Vedanta partnering with Taiwanese group Foxconn recently inked an agreement with Gujarat government to set up a semiconductor venture in the state. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/cheetahs-brought-from-namibia-savour-their-first-meal-in-india-appear-playful/articleshow/94304567.cms">Cheetahs brought from Namibia savour their first meal in India, appear playful</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/enough-wheat-stock-in-india-govt-to-take-action-against-hoarders-if-needed-food-secy/articleshow/94304468.cms">Enough wheat stock in India; Govt to take action against hoarders if needed: Food Secy</a>

Semiconductor business not to 'short circuit' Vedanta Resources credit profile: S&P Global Ratings

<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

Ujjivan SFB concludes Rs 475 crore of equity fundraise via Qualified Institutional Placement (QIP) mode. The Bank's Board of Directors approved the allotment of 22,61,90,476 Equity Shares of face value Rs 10 each to eligible qualified institutional buyers at the issue price of Rs 21 per Equity Share, including a premium of Rs 11 per Equity Share. The issue price reflects a discount of Rs 0.93 per Equity Share i.e. 4.24 per cent on the Floor Price of Rs 21.93 per Equity Share, aggregating to approximately Rs 475.00 crore. "With the recent sub-debt issuance and this equity infusion, the Bank is on its track to meet its growth guidance for the year. The sustained improvement in collections and asset quality augurs well with the growth. Our focus is on growing sustainably and profitably," said Ittira Davis, MD &amp; CEO of Ujjivan SFB. The issue generated significant interest from quality long-term investors like ICICI Prudential Life Insurance, Max Life Insurance, Aditya Birla Sunlife Mutual Fund, HDFC Life, Bajaj Allianz Life, and many more. Pursuant to the said allotment of Equity Shares, the paid-up equity shares capital of the Bank stands increased to Rs 19,54,50,46,810 comprising of 1,95,45,04,681 Equity Shares. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/cheetahs-are-coming-back-this-can-boost-the-health-of-indias-shrinking-grasslands/articleshow/94243760.cms">Cheetahs are coming back – this can boost the health of India’s shrinking grasslands</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/vedanta-slips-9-after-it-clarifies-semiconductor-venture-to-be-undertaken-by-volcan-investments/articleshow/94243055.cms">Vedanta slips 9% after it clarifies semiconductor venture to be undertaken by Volcan Investments</a>

Ujjivan raises ₹475 crore through QIP; Strong participation from quality long-term investors

Equities market was falling sharply on Friday during the afternoon trade due to heavy sell-off in IT, PSU Banks, Auto stocks following weak Asian markets on concerns of global recession, dealers said. At 2.10 p.m., <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> was down 1050.03 points or 1.75 per cent at 58,883.98, and Nifty was trading 326.56 points or 1.83 per cent lower at 17,550.85. Mahindra &amp; Mahindra, Tech Mahindra, Ultratech Cement, TCS, Infosys, Wipro were major losers during the afternoon trade on Sensex. Nifty IT and BSE IT index were down 2.91 per cent and 2.69 per cent respectively. Nifty PSU Bank index was down 2.79 per cent and BSE Auto was down 3.25 per cent. "Indian equity markets are witnessing some selling pressure after a long period of resilience. Global cues continuously remain weak as there is a sharp surge in the dollar index and US bond yields post US inflation numbers. We may continue to outperform, but we can't remain in isolation for a long time. Global markets are looking nervous ahead of the FOMC meeting because there is talk of a 100 basis rate hike while a 75 basis rate hike was already discounted," said Santosh Meena, Head of Research, Swastika Investmart Ltd. Asian markets remained weaker on Friday due to growing fears of a global recession after the warnings by the World Bank and the International Monetary Fund. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent. Australian shares were down 0.94 per cent on Friday, while Japan's Nikkei stock index slipped 1.2 per cent. The world may edge towards the global recession in 2023 as central banks across the world simultaneously hike interest rates to combat persistent inflation, the World Bank said. The economies of the US, China, and the euro zone, were slowing and a slight hit to the global economy further would lead to recession. "Technically, Nifty is facing resistance at the 18,100 level and it has slipped below its 20-DMA of 17,700 which may lead to some more selling pressure where 17,470-17,400 is an immediate demand zone then 17,150 is a sacrosanct support level. Bank Nifty is outperforming but yesterday it ended at a day's low after hitting a fresh all-time high, which is a little disappointing. On the downside, 40,900-40,700 is an immediate demand zone; below this, 40,270 is the next important support level," Meena added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/vedanta-slips-9-after-it-clarifies-semiconductor-venture-to-be-undertaken-by-volcan-investments/articleshow/94243055.cms">Vedanta slips 9% after it clarifies semiconductor venture to be undertaken by Volcan Investments</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>

Sensex falls over 1,000 points due to heavy sell-off in IT, PSU banks and auto stocks

New Delhi, Mar 24 () Moody's Investors Service on Tuesday placed mining firm Vedanta Resources Ltd's rating under review for downgrade, saying the firm remains vulnerable to falling oil and metal prices as well as shrinking demand following the outbreak of coronavirus. In a statement, Moody's said it has changed the ratings outlook for Vedanta to ratings under review from stable. The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. "The combined credit effects of these developments are unprecedented. Exploration and production (E&amp;P) and metals and mining are among the sectors most significantly affected by the shock given their sensitivity to consumer demand and sentiment," it said. "More specifically, the weaknesses in Vedanta's credit profile, including its exposure to various commodities, have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions, and Vedanta remains vulnerable to the outbreak continuing to spread," it added. Moody's said it regards the coronavirus outbreak as a social risk given the substantial implications for public health and safety. Today's action reflects the impact on Vedanta of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered, it said. "The review for downgrade reflects our expectation that low oil and base metal prices will significantly strain Vedanta's financial metrics, at least through the fiscal year ending March 2021," said Kaustubh Chaubal, Moody's Vice President and Senior Credit Officer. "Moreover, the review highlights the heightened refinancing risk surrounding the holding company's around USD 1.9 billion of debt securities, which will mature through September 2021," he said. Moody's review for downgrade will focus on the outbreak's impact on Vedanta's operations in light of increasing restrictions on people's movement and the potential for a shutdown of operations to ensure employee safety. It will also focus on the impact of the outbreak on oil and base metal prices and Vedanta's asset base, cost structure, likely cash burn rate and liquidity, as well as management's strategy for coping with prolonged, low and volatile commodity prices. It will also look at the impact of potential countermeasures such as capex deferment and reduced dividends; and Vedanta's resilience in various stress testing scenarios, including in particular its ability to refinance its USD 1.9 billion of debt securities via the capital markets and bank debt. "Moody's could downgrade the ratings if Vedanta's earnings and financial metrics are unlikely to recover to levels supportive of its present ratings and pre the current coronavirus outbreak," the statement said. Vedanta's failure to complete the refinancing of its debt maturities at least 12 months ahead of scheduled maturities will also stress its ratings. Vedanta Resources Ltd, headquartered in London, is a diversified resources company with interests mainly in India. Its main operations are held by Vedanta Ltd, a 50.1 per cent owned subsidiary. Through Vedanta Resources' various operating subsidiaries, the group produces oil and gas, zinc, lead, silver, aluminum, iron ore and power. Delisted from the London Stock Exchange in October 2018, Vedanta Resources is now wholly owned by Volcan Investments Ltd. Founder chairman of Vedanta Resources, Anil Agarwal, and his family are the key shareholders of Volcan. 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. ANZ RVK

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Semiconductor business not to 'short circuit' Vedanta Resources credit profile: S&P Global Ratings

IANS

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

Bhakti Makwana

Ujjivan raises ₹475 crore through QIP; Strong participation from quality long-term investors

IANS

Sensex falls over 1,000 points due to heavy sell-off in IT, PSU banks and auto stocks

IANS

Moody's places Vedanta rating under review for downgrade

PTI

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