Stocks of Indian steel companies are reeling from pricing pressure that is partly blamed on cheap imports. The stocks have declined up to 9 per cent on the NSE in one month, likely allowing investors an opportunity to use the correction to enter the pack as pricing pressure eases. "In steel or any other commodity, if prices or spreads are nearing their bottom, it can be an opportune time to invest in those stocks.
Corporate India is busy restructuring - through mergers, demergers and splits. That seems to be the new normal as CXOs and boards brainstorm on how to create assets and value. The pitch rose significantly during the third quarter of this financial year (FY24), translating into $32.9-billion worth of such deals - the highest quarterly total since the HDFC Bank-HDFC merger announced in FY22 Q2.
This is the first time India is offering coalmines to private companies for commercial sale.
Vedanta Resources has delayed its offer to buy a further 20% stake in iron-ore mining company Sesa Goa.
A delegation of Vedanta Group led by Kumar met Mohanty and urged him to accelerate process of providing alternative source of bauxite after the company was refused permission to start mining atop Niyamgiri hills in Kalahandi district.
Albanese, 56, will take the helm on April 1.
More than three months after announcing the sale of its up to 51 per cent stake in the Indian unit to Vedanta, Cairn Energy Plc on November 23 last year had made a conditional application to seek government's nod but refused to accept partner ONGC's rights.
The mining ministry's inordinate delay in giving approval to group firm Hindustan Zinc to buy London-based Anglo American's zinc mines has forced the company to route it through Sterlite.
Leading mining group Vedanta Resources has been stripped of international safety awards amid claims that it won the prize without declaring that a chimney collapse at one of its sites had killed at least 40 workers last year, according to a media report.
Cairn Energy Plc's deal to sell a majority stake in its Indian arm to Vedanta Resources for up to $8.48 billion is contingent upon the billionaire Anil Agarwal-led group completing an open offer to minority shareholders of Cairn India, a senior official said.
The Supreme Court also sought CBI probe in the case.
The company is accused of overlooking local community's interests.
VAL, a unit of London-listed Vedanta Resources, has about 550 employees. It closed down the 1-million-tonne per year refinery exactly two weeks ago due to a shortage of bauxite, the key raw material used to produce alumina.
All the 12 gram sabhas held in July-August last year had unanimously expressed opposition to the mining operation in the hills saying it would violate their social, cultural and religious rights.
These are the top buyers of the scrapped electoral bonds, the data for which was released by the Election Commission on Thursday.
With locals protesting against Hindalco's move to mine Mali Parbat, the contractor who was working on making the mine operational has left.
Shares of Indian mining company Vedanta fell to a fresh low after analysts at Morgan Stanley initiated their coverage of the company with a stark warning of the risks faced by investors.
A day after announcing withdrawal from its chip-making JV with Indian conglomerate Vedanta, Foxconn on Tuesday said it is working on plans to apply for incentives under semiconductor and display fab programme, as the contract manufacturer pledged its commitment to India. The Taiwanese electronics manufacturing giant said it has been actively reviewing landscape for optimal partners. The comment assumes significance as Foxconn has pulled out from the $19.5 billion semiconductor JV with Vedanta.
Withdraws petition from green tribunal, makes fresh plea for Lanjigarh project.
The government of Odisha is likely to appeal to the Supreme Court against the decision by the central government in New Delhi to halt the bauxite mining project being undertaken by Vedanta Resources in the Niyamgiri area of the state.
Prominent exits by promoters included a Rs 15,300 crore share sale in Indus Tower by Vodafone Plc, a Rs 9,300 crore share sale by the Tata group in Tata Consultancy Services.
Vedanta to file notice of claim in Cairn India tax case.
Billionaire Anil Agarwal-controlled Vedanta Resources has decided not to pursue a proposal to build a Rs 20,000-crore (Rs 200 billion) five-million-tonne steel project in Orissa in view of its strategy to focus on non-ferrous and iron ore businesses, two highly-placed sources in the company said on Tuesday.
The state government's water resources department has alleged the company's Jharsuguda unit has not paid Rs 10.94 crore (Rs 109.4 million) of its bills, since 2008.
Government wants Cairn India to agree to pay royalty and cess on its all important Rajasthan block.
BPCL is a high revenue-earning public-sector undertaking (PSU) and plans to privatise it are completely off the table, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday after assuming charge of the ministry for the second time. "Why would we divest ourselves of highly successful Maharatnas like BPCL," Puri said, arguing the Centre was not in favour of divesting its stake in oil PSUs.
Government is yet to approve Cairn's deal to sell stake in Cairn India to Vedanta.
Mining conglomerate Vedanta Resources has completed the purchase of a 10 per cent stake in Cairn India from Cairn Energy, taking its total stake in the company to 28.5 per cent.
Whereas, the group is offering Cairn India's parent Cairn Energy Rs 405 a share, which includes a fee for not competing with it in India, Sri Lanka and Bhutan for the next three years.
Soon after stalling Vedanta's proposed bauxite mining project in Orissa, the Environment Ministry on Tuesday said the licence granted to mining firms supplying the mineral to its alumina refinery is under scanner.
NRI billionaire Anil Agrawal-led Vedanta Group on Tuesday said its open offer for 20 per cent stake in Cairn India will begin on October 11, as part of its $9.6 billion takeover deal of the country's fourth largest oil explorer.
Vedanta may become a majority stakeholder in Cairn India.
Vedanta Group, which was denied mining rights in Orissa's Niyamgiri hills, on Thursdaysaid it will not pull out of the state.
According to a senior Vedanta executive, the supply of bauxite from Gujarat should start this week. The Orissa alumina project needs about 3 million tonnes of bauxite to run at full capacity.
State-owned Oil and Natural Gas Corp on Monday said UK's Cairn Energy Plc cannot sell a majority stake in Cairn India to Vedanta Resources without its consent.
ONGC sought opinion from the second highest law officer of the country after its partner Cairn Energy Plc stated that the UK firm's sale of majority stake in Cairn India to Vedanta Resources will not trigger pre-emption rights of the state- owned firm, a top oil ministry official said.
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