This comes after both parties failed to arrive at an agreement on an appropriate valuation of the stake, a company executive said. Sterlite bought 51 per cent stake in Balco in March 2001 for Rs 552 crore (Rs 5.52 billion) when the National Democratic Alliance (NDA) government decided to divest the government stake in the public sector company.
Fixed deposits can fetch 9-9.5% interest versus 3.5% to be received by Cairn, say institutions.
Vedanta Resources, the UK-listed mining group, is planning to invest $20bn in India in the next four years to expand its metals, mining and electricity generation operations in the country.
Vedanta may become a majority stakeholder in Cairn India.
.jpg)
The award of more than 200 coal blocks to steel, cement and power companies has been at the centre of the so-called "Coalgate" scandal.
The decision to call off the sale of 26 per cent equity, a process started eight months ago, was taken after three days of discussion at the Board of IFCI on the conditions spelt out by the successful bidder -- a consortium of Sterlite Industries and Morgan Stanley.
The directions came after the Delhi government told the court that oxygen that was to come from Panipat in Haryana was not being allowed to be picked up by the local police there.
The markets have reacted negatively, for example, to recent news that Cairn India, of which the Anil Agarwal group company Vedanta owns 60 per cent, will give a $1.25-billion loan (about Rs 7,500 crore) on notably easy terms to Sesa Sterlite, another Anil Agarwal group company.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Finance Minister P Chidambaram on Friday took stock of the power ministry's ambitious plans to set up five ultra mega power projects of 4,000 MW each envisaging an investment of Rs 75,000 crore
The projects coming up in Bihar, Jharkhand and Odisha will together add 16,000 MW capacity to country's power generation.
Major corporates are staring at an uncertain future after investing substantially on their projects
Stalin has given due respect to seniority in the pecking order, but has also taken into consideration the demands of individual ministries and the suitability of individuals, observes N Sathiya Moorthy.
CITU on Thursday strongly opposed the proposal of Sterlite Group acquiring the remaining 49 per cent stake in Balco, saying the NDA government struck the previous deal for a "pittance" and the matter should be investigated.
The actor also said that the Centre will face TN wrath if it fails to set up CMB.
The veteran star likened Modi to tall leaders of India, including Jawaharlal Nehru, Indira Gandhi, Rajiv Gandhi, A B Vajpayee, K Kamaraj, C N Annadurai, M G Ramachandran, M Karunanidhi and J Jayalalithaa.
The 30-share BSE Sensex surged a whopping 2% or 467 points at 20,882 levels while the broader Nifty index ended at 6,189 levels up over 2% or 143 points from its previous close.
Buying in index heavyweights along with surge in banking counters lead the surge.
The environment ministry till May 2014 (still under UPA) ordered that cases like Vedanta's expansion plans need to consult people. But in December 2014, the NDA government reversed this position and in March 2015 the environment ministry extended Vedanta's environmental clearance till December 2018. This it did even while the question of the need for public hearing by projects in different kinds of industrial parks was being contested in the courts. This allowed the company to carry out construction.
India was once the world's third largest iron ore exporter and Goa its biggest exporting state
Tata Motors is trading at 8.32 times 12-month forward PE, just marginally away from 8.31 times for Sesa Sterlite, currently the cheapest in the 30-member Sensex.
At close, the Sensex was down 16 points at 20,713 and the Nifty was down six points to close at 6,168.
India's fifth-largest aluminium maker Madras Aluminium Company plans to expand the capacity of its smelter by 14 per cent in the current fiscal year to March by removing bottlenecks, a group company official said on Tuesday.
The candidate is from the DMK's ruling family, and the sky is the limit -- for both expenses and expectations.
L&T, Axis Bank and Hindalco down 2% each were the top losers for the day.
Wipro and HCL Technologies among its top picks.
The buoyancy in the capital market has enthused companies like Sterlite, UB, Bharat Forge and Centurion Bank to plan rights issues totalling Rs 2,450 crore this fiscal, which is more than double the Rs 1,006 crore raised in 2003-04.
The benchmark S&P BSE Sensex fell for the third day and closed 56.57 points lower at 19,748.19, dragged down by metal, realty and bank stocks ahead of the RBI's policy review next week.
CLSA expects annual net inflows of $15 billion from domestic investors over the next few years in India.
The Election Commission has come across instances of suspected violations of the Foreign Contribution Regulation Act by Congress and the Bharatiya Janata Party in their acceptance of donations from subsidiaries of multi-national firm Vedanta group.
Meeting in the midst of a raging controversy, an inter-ministerial group on coal blocks on Monday skirted a decision on cancelling allotments of 58 mines, but firmed up the guidelines for forfeiting of bank guarantees for failure to develop them.
The Securities and Exchange Board of India issued its guidelines, making it mandatory for the country's top 500 companies to offer the e-voting facility to its shareholders, after a large number of votes sent through the postal ballot route were found invalid.
Mining baron Anil Agarwal-led Vedanta Group has bid for the most number of 14 coal mines out of 23 on offer in the first round of auction which also have aggressive bids by Aditya Birla Group, Adani and Naveen Jindal group, but was shunned by foreign players.
On May 22 and 23, the Tamil Nadu police shot dead 13 persons in Tuticorin after the months-long anti-Sterlite protests turned violent. A month later, when A Ganesh Nadar visited the homes of a few victims, he found the families and friends still cowering under fear of the police.
Overseas investors were one of the heavy buyers.
The recent Vedanta verdict is an aberration, not a trend, feels Nityanand Jayaraman.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances