Vedanta shares in news today, here's why
Vedanta shares ended 1.12% lower at Rs 459.25 in the previous session. Market cap of the firm slipped to Rs 1.79 lakh crore.
- Sep 5, 2024,
- Updated Sep 5, 2024 7:34 AM IST
Shares of Vedanta Ltd are in focus on Thursday after the mining conglomerate received a long-term ratings upgrade from ICRA Rating. The fresh ratings come on the expectation of improvement in company's credit metrics, following the successful fund-raising worth $1 billion via a qualified institutional placement (QIP) in July 2024 and an additional $400 million generated from the offer for sale (OFS) of Hindustan Zinc Limited (HZL) in August 2024.
Vedanta shares ended 1.12% lower at Rs 459.25 in the previous session. Market cap of the firm slipped to Rs 1.79 lakh crore. Vedanta shares have a one-year beta of 1.2, indicating very high volatility during the period. Vedanta shares fell to a 52-week low of Rs 207.85 on September 28, 2023 and rose to a 52-week high of Rs 506.85 on May 22, 2024.
The rating for its 'Longterm/S term –Unallocated limits' instrument was upgraded to [ICRA]AA from [ICRA]AA-/[ICRA]A1+ rating watch with developing implications. The Longterm –Fund based –Term loan instrument was upgraded to [ICRA]AA from [ICRA]AA- and continues on rating watch with developing implications. As for Commercial Paper the rating was upgraded to ICRA]A1+ rating watch with developing implications.
Vedanta Ltd is a subsidiary of Vedanta Resources Ltd and has operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.
Shares of Vedanta Ltd are in focus on Thursday after the mining conglomerate received a long-term ratings upgrade from ICRA Rating. The fresh ratings come on the expectation of improvement in company's credit metrics, following the successful fund-raising worth $1 billion via a qualified institutional placement (QIP) in July 2024 and an additional $400 million generated from the offer for sale (OFS) of Hindustan Zinc Limited (HZL) in August 2024.
Vedanta shares ended 1.12% lower at Rs 459.25 in the previous session. Market cap of the firm slipped to Rs 1.79 lakh crore. Vedanta shares have a one-year beta of 1.2, indicating very high volatility during the period. Vedanta shares fell to a 52-week low of Rs 207.85 on September 28, 2023 and rose to a 52-week high of Rs 506.85 on May 22, 2024.
The rating for its 'Longterm/S term –Unallocated limits' instrument was upgraded to [ICRA]AA from [ICRA]AA-/[ICRA]A1+ rating watch with developing implications. The Longterm –Fund based –Term loan instrument was upgraded to [ICRA]AA from [ICRA]AA- and continues on rating watch with developing implications. As for Commercial Paper the rating was upgraded to ICRA]A1+ rating watch with developing implications.
Vedanta Ltd is a subsidiary of Vedanta Resources Ltd and has operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.