Shares of mining-to-oil conglomerate Vedanta jumped over 5% in Wednesday's early session on BSE following media reports that said the company was planning to raise funds to acquire state-run Bharat Petroleum Corporation Ltd (BPCL).
Vedanta share price touched an intraday high of Rs 153.4, rising 5.25% on BSE against the closing of Rs 145.75. The stock also touched an intraday low of Rs 146.60, after opening at Rs 147.
Vedanta stock stands higher than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the lender stood at Rs 54,940.17 crore.
Vedanta share has risen 2.8% in one week and 36% in one month. However, the stock has fallen 3% since the beginning of the year.
Billionaire Anil Agarwal's Vedanta group reportedly plans to raise as much as $8 billion through a mix of debt and equity to secure funds for the acquisition of state-run Bharat Petroleum Corp. Ltd (BPCL).
As per media reports, Vedanta and private equity firms Apollo Global and I Squared Capital's arm Think Gas have submitted bids for the government's 52.98% stake in BPCL.