Shares of this large-cap company surged as its parent company reduced its gross debt by USD 1 billion
The company is a diversified natural resources company.
About New Development
To further reduce its gross debt by USD 1 billion, Vedanta Resources, the parent company of Vedanta, has paid off all of its maturing loans and bonds that were due in April. Since announcing its intention to quicken deleveraging in February 2022, Vedanta has now reduced its debt by a total of USD 3 billion. Plans to reduce debt by USD 4 billion over three years had been made public. Thus, in just 14 months, the company has reached 75% of its committed reduction.
Share Price Movement of Vedanta Ltd.
The scrip opened on Tuesday at Rs 275.80 and touched a high and low of Rs 279.05 and Rs 275.05, respectively. Its 52-week high stood at Rs 419.55, whereas its 52-week low was Rs 206.10. The current market cap of the company is Rs 1,03,523.93 crore. Promoters hold 68.11%, whereas the Institutional and non-institutional holdings are 18.16% and 13.74%, respectively.
Vedanta is a globally diversified natural resources company with interests in iron ore, steel, copper, aluminium, power, oil, and gas as well as zinc, lead, and silver. The business wants to make a difference in the communities where it works and leave a proud legacy. Vedanta's core values include operating ethically and responsibly. By putting these values into practice through its actions, processes, systems, and interactions, the company demonstrates its commitment to all internal and external stakeholders.
Vedanta strives to enhance its operations while continuing to learn and grow. Vedanta has upheld "uncompromising business ethics" and is wholly committed to conducting business honestly. The company's operations have had a positive impact on the communities it operates in, although its business has grown to include many locations around the world.
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