ZINC INTERNATIONAL
Vedanta reports rise in production of aluminium, iron ore, zinc in Q1
In a filing to the BSE, the company said the aluminium output grew 3 per cent to 5,96,000 tonnes in the first quarter over the year-ago period, Vedanta said in a filing to BSE. At Zinc India, the saleable metal output grew to 2,62,000 tonnes over 2,60,000 tones.
Stocks in news: YES Bank, DMart, Kotak Bank, Zomato, Hindustan Zinc
Indian markets corrected impacting shares of YES Bank, DMart, and Kotak Bank. Despite this, Zomato and Hindustan Zinc were affected, with DMart reporting increased revenue. Additionally, HDFC Bank's weight in the index may increase, as YES Bank reported growth in loans. Force Motors sales declined, KEC International secured new orders, and IEX saw an increase in electricity volume.
Vedanta Resources sells 2.63% stake in Indian arm, raises Rs 4,184 crore
Vedanta Group, in a statement, said that Finsider International Company, a subsidiary of Vedanta Resources, accepted a proposal from one of its banks Tuesday evening to sell 2.6% shares holding in Vedanta Ltd to a group of reputed institutional investors.
Promoter may sell 2.5% in Vedanta via block deals this week
Agarwal has been seeking to slash the group's debt burden. London-listed Vedanta Resources reduced its net debt to $6 billion in FY24 from $9.7 billion in FY22. The company aims to cut it to $3 billion over the next three years. Vedanta Resources has long-term debt maturities of $900 million in FY25 and another $900 million in FY26.
Q4 results: Stable costs boost India Inc. profits
Steady costs and firm domestic demand supported corporate performance in the March quarter.
Hindustan Zinc makes a new high on silver rally
Silver is a byproduct of zinc mining, and Hindustan Zinc achieved record-high saleable silver production of 746 metric tonnes, up 5% year-on-year in FY24 while its zinc production remained stagnant at 8,17,000 metric tonnes.
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Zinc demand in India likely to double in next 5-10 years
The demand for zinc in India depends largely on the growth of the steel market as zinc is mainly used to galvanise steel to protect it from corrosion. "I see a doubling of the demand (for zinc) in the next five to 10 years. The market for primary and refined zinc in India is currently close to 800 to 1,000 tonnes (per annum) and has a great opportunity to increase with all the developments that we are witnessing in India."
Vedanta best-placed to ride rising commodity prices, say analysts
Mining conglomerate Vedanta Ltd is expected to see less pressure on cash flows after liability management at the holding company level, and is now best placed to ride rising commodity prices. The company's improved performance in aluminium, power, and zinc led to an EBITDA of Rs 87,600 crore in the January-March quarter, up by 4% quarter-on-quarter. Vedanta is set to complete its alumina/aluminium/international zinc expansion during the current fiscal year (FY25), providing visibility around volume growth and cost reduction FY26 onwards.
Metal stocks jump up to 11%; Hindustan Copper, Vedanta & others hit 52-week highs
Hindustan Copper soared 11% to hit its 52-week high of Rs 366.40 on the NSE. The stock traded amid significant volumes with over 4.80 crore shares changing hands on the NSE around 1:30 pm.
Stocks in news: JSW Energy, Dixon Tech, ZEE, PC Jeweller, Shriram Properties
In today's trade, shares of JSW Energy, Dixon Tech, ZEE, PC Jeweller, Shriram Properties among others will be in focus due to various news developments.
Vedanta touts $6 billion investment pipeline as growth driver
"Projects (are) under execution to deliver $7.5+ billion yearly EBITDA," vice chairman Naveen Agarwal said, adding $6 billion is being invested across business verticals that will potentially yield incremental revenues of $6 billion and "incremental yearly EBITDA potential of $2.5-3 billion".
Vedanta Resources to deleverage debt by USD 3 bn over 3 years
The company recently divested a significant portion of its shares through its promoter entity Finsider International, and set the stage for strategic manoeuvring within the company.
Vedanta Group eyes $6bn EBITDA in FY25, reiterates guidance on operational, profitability targets
Vedanta Group aims for USD 6 billion pre-tax profits next year, scaling to USD 7-7.5 billion. The demerger creates independent verticals, attracts various investors, and unlocks potential value for growth and alignment with customers and end markets.
Divestment of shares of silver and zinc companies separately may be easier than divestment of HZL: Arun Misra
Arun Misra, CEO of Hindustan Zinc, says the company has seen a strong set of earnings with revenue growth of 8% and expanded margins. Demand in India is good, while global demand remains weak, especially in Europe and China. Hindustan Zinc expects zinc prices to remain between $2,500 and $2,600 per ton in the near term. The company has achieved cost reduction through various measures and maintains its production guidance for FY24.
Vedanta's aluminium production rises to 5,99,000 tonnes in December quarter
In a regulatory filing, Vedanta said its production of saleable iron ore in Karnataka was flat at 1.4 million tonnes in the third quarter of this fiscal. The production of pig iron was higher at 2,03,000 tonnes in the latest December quarter compared to 2,00,000 tonnes in the same period a year ago.
Govt writes to Hindustan Zinc, says company needs its nod for creating separate biz entities
HZL's board in a September 29 meeting asked the company to explore a corporate restructuring to create three separate legal entities for zinc and lead, silver, and recycling business to unlock shareholder value. The government has a 29.54% stake in HZL that is 64.92% owned by Anil Agarwal-controlled Vedanta Ltd.
Zinc International deal with Vedanta off the table; Indian demand offsets global demand dip: HZL CEO
Arun Misra, CEO of Hindustan Zinc, stated that there is currently no proposal for the board to consider the decision made at the annual general meeting. He also mentioned that while global demand for zinc has been slow, the Indian market remains strong. Misra expects zinc prices to remain range-bound between $2400 and $2600 per ton for the next few months. Despite the concerns, Hindustan Zinc remains profitable and cash-generating with an EBITDA level of 46%. Misra also commented on the government's divestment plans, suggesting that small tranches would be more feasible for the market to absorb.
Vedanta's aluminium production rises 2 per cent to 5.94 lakh tonnes in July-September
The mined metal output at Zinc India was marginally down to 2,52,000 tonnes, over 2,55,000 tonnes in the year-ago period. At Zinc International, the company's total mined metal output was down by 10 per cent to 66,000 tonnes, over 74,000 tonnes. The company's "overall production at 66 kt, (was) lower by 10 per cent YoY and 3 per cent QoQ largely due to lower tonnes treated", it said.
Vedanta Resources appoints Chris Griffith as CEO Base Metals & President International Businesses
"Vedanta Resources today announced the appointment of Chris Griffith, former CEO of Gold Fields, one of the largest producers of gold in the world, as the Chief Executive Officer (CEO) for Base Metals & President of its International Businesses," the statement said. In his new role as CEO for Base Metals, Chris Griffith will assume responsibility for steering both Vedanta Zinc International and Vedanta Copper businesses, it added.
Hindustan Zinc Limited won't borrow to keep paying dividends, says CEO
Hindustan Zinc (HZL) will not borrow to pay dividends, according to its CEO, Arun Misra. Misra said the company's financial standing was robust enough to finance acquisition plans, as dividend payments had benefited all stakeholders, including minorities. The Indian government, which has a 29.54% stake in HZL, had expressed concern that the company's borrowing proceeds would be used to extend dividends.
Vedanta Resources rolls over group company debt at big interest markup
By extending inter-company loans, VRL can address outstanding external debt requirements, including a $1bn bond due in January 2024. The move could also enable VRL to borrow $2.4bn, upfront, using brand fee receivables to repay outstanding debt obligations.
Hindustan Zinc keen to participate in lithium auctions: CEO Arun Mishra
Lithium reserves of about 5.9 million tonnes have been identified in Salal-Haimna areas of Reasi district in Jammu and Kashmir (J&K) for the first time in India. Auctions of the said reserves are likely to be held in December. The J&K administration is also in the process of appointing a transaction advisor.
Vedanta Resources extends inter company loan from Cairn India by a year at revised terms of 17% vs 7% earlier
Apart from extending the inter company loan and revising terms, on Friday, the management informed investors that the brand fee or royalty from Vedanta Limited has increased from 2% to 3%, and the revised rate will remain fixed for six years but may be reviewed periodically, the company management informed analysts and investors during the earnings call on Friday.
Arun Misra appointed as Executive Director of Vedanta
Misra was appointed as Deputy CEO, HZL in November 2019 and was elevated to CEO and Whole-Time Director of HZL in August 2020. Since June 2022, he has also been managing the operations and growth of Vedanta Zinc International, which has mines and concentrators in South Africa.
Vedanta Resources Ltd taps global banks for $500-600 million loan
VRL, headquartered in London, aims to borrow the money through its Zinc International unit. Following delays in securing funds from Farallon Capital Management, VRL has resumed discussions with banks to explore alternative financing options.
Plans to buy Zinc International is not called off: Hindustan Zinc CEO Arun Mishra
Zinc International acquisition was a great idea, he said, adding the company's board has also approved the proposal. "...we are working on it, and we still believe that this is something that we must do for the sake of Hindustan Zinc. So, we will see where it ends," the CEO said. The government, which owns about 29.54 per cent stake in HZL, has opposed the company's plan to buy an overseas asset of its parent firm Vedanta Ltd.
Tycoon Anil Agarwal claims to turn Vedanta a zero-debt company amid investor sell-off, increased scrutiny
“Everybody wants to finance us,” Agarwal told the Financial Times in an interview, citing Indian banks and “American funds”, which he declined to name. Vedanta was in talks with JPMorgan and other banks for a $1 billion loan, with an interest rate of 8%-10%, he added. Vedanta borrowed $400 million from Howard Marks’ Oaktree Capital Group in 2020.
Vedanta may have a fair chance to run Sterlite plant again: Sunil Duggal, Group CEO, Vedanta Limited
On Vedanta Zinc International, we believe that this year our production will be up by around 50% compared to last year. This company has reserves that are more than Hindustan Zinc today, asserted Sunil Duggal, Group CEO, Vedanta Limited.
Government against $3 billion Vedanta international zinc business sale to Hindustan Zinc
Valuation of the assets is among several concerns flagged by the government, which holds a 29.54% stake in HZL that was privatised more than two decades ago. Officials said the proposed deal could affect Hindustan Zinc's share price and upset the government's plan to meet its divestment targets by selling a part of its stake through a public offer.
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