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Vedanta share price rises over 3% to hit fresh 52-week high

Vedanta shares gained as much as 3.21 per cent in intraday on Wednesday to hit 52-week high of Rs 221.60 on BSE. The stock has given a return of 267 per cent over the last eleven months

twitter-logoBusinessToday.In | March 3, 2021 | Updated 13:53 IST
Vedanta share price rises over 3% to hit fresh 52-week high
Vedanta shares gains 267% in 11 months

Shares of Vedanta gained over 3 per cent in intraday trade to hit fresh record high on the Bombay Stock Exchange, in line with metal index. Vedanta shares opened Wednesday's trade at Rs 215.60 against previous closing price of Rs 214.70. During the day's trade, the stock gained as much as 3.21 per cent to hit 52-week high of Rs 221.60.

Vedanta shares have delivered a return of 267 per cent over the last eleven months, from its 52-week low of Rs 60.3 as on March 30, 2020. The stock has risen 27.64 per cent in the last three months and 72.5 per cent over six month period. The market capitalisation of Vedanta stands above Rs 81,000 crore.

Last week, the mining company said it raised $1.2 billion in a bond offering that saw strong investor interest. The 8.95 per cent bonds due for March 2025 "will be guaranteed by the company and two wholly-owned indirect subsidiaries of the company, namely Twin Star Holding Ltd and Welter Trading Limited," it said in a statement.

The company intends to use the proceeds of the bonds for the acquisition of equity shares of the Indian subsidiary as well as servicing existing debt. The company is looking to buy as many as 37.17 crore or 10 per cent of its India unit, at Rs 160 per share. At that price, the total consideration of the deal would be about Rs 5,948 crore ($814 million).

Recently, India Ratings and Research (Ind-Ra) revised the outlook for Billionaire Anil Agarwal-led Vedanta to stable from negative and also affirmed the company's long-term issuer rating. The outlook revision reflects the VDL group's improved liquidity position, supported by the moderated refinancing risks at VRL (Vedanta Resources Ltd, the agency said.

Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia, and Australia. It is a leading producer of oil and gas, zinc, lead, silver, copper, iron ore, steel, aluminium and power.

Also read: Ind-Ra updates Vedanta's credit outlook to stable on better liquidity position

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