Vedanta Aluminium brings 4 AI Control Towers into logistics, safety and plant maintenance
Vedanta Aluminium is using artificial intelligence (AI) and other digital tools across its operations as part of its efforts to improve day-to-day decision-making, logistics, safety and equipment monitoring. At BALCO in Korba, Vedanta Aluminium has introduced four AI-enabled Control Towers to keep...
Vedanta Aluminium shares rise as the group denies stake-sale speculation
Vedanta Aluminium shares gained 3.32 per cent after Vedanta Resources denied speculation that it planned to sell its stake in the aluminium business, while brokerages maintained bullish views on the stock. Vedanta Aluminium came into focus after its parent, Vedanta Resources, dismissed reports and...
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‘India's aluminium growth story is just getting unfolded'
India is home to one of largest reserves of coal and high-grade bauxite in the world. It can certainly be at the bottom of the cost curve of global producers. The country should realise this potential and can become a global hub for aluminium. — Mr S.K. Roongta, Managing Director, Vedanta Aluminium...
Fitch rates Vedanta Aluminium's proposed NCD at 'Fitch A-(ind)(exp)'
Fitch Ratings has assigned India-based Vedanta Aluminium Ltd's (VAL) proposed INR60bn non-convertible debentures (NCDs) a 'Fitch A-(ind)(exp)' rating. A list of VAL's outstanding ratings (including the above) is provided at the end of the commentary. The ratings benefit from VAL's strong linkages...
Vedanta Resources updates aluminum production for Q3 2011
Vedanta Resources announced aluminum production for Q3 2011. Aluminum production in Q3 was 170,000 tonnes which includes production of 107,000 tonnes at VAL Jharsuguda and 63,000 tonnes at BALCO. The Lanjigarh refinery has ramped up well and the alumina production at Lanjigarh was a record 236,000...
Vedanta profits slip as margins squeezed
Vedanta Resources, the FTSE 100 Indian metals and mining group controlled by Anil Agarwal, saw its profits slip in spite of an increase in revenues as pricing pressures on industrial metals squeezed margins. The company, which in December completed its $8.67bn purchase of a majority stake in oil...
Vedanta cries foul at environmental clearance to Jindal, Lavasa projects
Crying “discrimination”, the Anil Agarwal-promoted Vedanta Aluminium Ltd (VAL) wants to initiate a fresh dialogue with the environment ministry to arrive at a solution enabling the expansion of its aluminum refinery in Orissa. Vedanta has claimed the ministry discriminated against it by not...
Sterlite Q3 updates
Sterlite Industries reported strong Q3FY12 results at the operating level with: (i) a strong copper business, and (ii) a fall in production cost at Balco, Vedanta Aluminium (VAL) and power business. After repeated increase in the cost of production at VAL and Balco, the company reported a decrease...
Vedanta’s gross profit declines by 4.72% to $848 m
Vedanta Resources today reported a decline of 4.72 per cent in consolidated gross profit at $848.40 million for the quarter ended December 31, 2011, largely due to lower realisations from its aluminium business and Zambian copper operations. In a statement, the company said the gross profit or...
Supreme Court adjourns final hearing on Vedanta Alumina case to April 9
The Supreme Court on Monday adjourned its final hearing on bauxite mining by the Vedanta Alumina at Niyamgiri hills to April 9 due to paucity of time. The State Government had also sought more time to present its case before the Supreme Court. Union Minister of Jairam Ramesh had withdrawn clearance...
Vedanta Q3 profit dips, Zambia disappoints
Miner Vedanta Resources posted a 5 percent dip in core profit its December quarter, hit by weaker performances at its aluminium and Zambian copper operations. The India-focused miner said earnings before interest, tax, depreciation and amortisation (EBITDA) came in at $848.4 million for the third...
SC defers hearing on Niyamgiri bauxite mining
The Supreme Court of India (SC) on Monday deferred the hearing on the petition challenging cancellation of environmental clearance to Niyamgiri Bauxite Mining Project of the UK-based Vedanta's Indian arm Sterlite Industries in the state. The apex court has fixed April 9, as the next date of...
Jindal, Lavasa projects get nod; Vedanta cries foul
Crying "discrimination", the Anil Agarwal-promoted Vedanta Aluminium Ltd (VAL) wants to initiate a fresh dialogue with the environment ministry to arrive at a solution enabling the expansion of its aluminum refinery in Orissa. Vedanta has claimed the ministry discriminated against it by not...
Sterlite's exposure in Vedanta Aluminium up
Sterlite Industries has increased debt funding to Vedanta Aluminium Ltd (VAL) by Rs 674 crore, or by 8 per cent, in the third quarter on a sequential basis. With this, the total debt of Sterlite in VAL has reached close to Rs 10,000 crore. Sterlite said that the inter-corporate deposits (ICDs) to...
Vedanta offers to buy govt stake in group firms
Metal and mining firm Vedanta Resources has offered to buy out the government’s residual minority stake in its group firms Bharat Aluminium Co. Ltd (Balco) and Hindustan Zinc Ltd (HZL), according to an official familiar with the development. “They have written a letter. They have given us an...
Capacity expansions key for Sterlite
Sterlite Industries’ stock, which had nearly halved over five months to Rs 85 in mid-December, has risen 24 per cent so far in 2012 on the back of a 9-12 per cent rise in metal prices. The decent December quarter numbers, which Sterlite announced on Monday, has only helped the stock stand out; it...
Vendanta to meet MoEF officials regarding Orissa refinery
Vedanta Aluminium plans to meet officials of the environment ministry "soon" to chalk out its strategy related to expansion of alumina refinery in Orissa, following rejection of its review petition by the Orissa high court last week. "There is no stricture against us by the (Orissa) High Court....
Sterlite Industries Q3 net down 17% to Rs 913.52 crore
Vedanta group firm Sterlite Industries today reported a decline of a little over 17 per cent in its consolidated net profit to Rs 913.52 crore for the quarter ended December 31. This was largely due to increased costs and a foreign exchange loss of Rs 425.39 crore. The company had reported a net...
Sterlite to push govt on HZL
With the government agreeing to consider Sterlite’s fresh offer to buy the residual stake in Bharat Aluminium Company Ltd (Balco) at a mutually agreeable price, a resolution of the long stand-off between Vedanta Resources and the central government is in sight. Sources familiar with the development...
HC dashes Vedanta hopes to expand refinery
The Orissa high court on Thursday rejected the petition of Vedanta Aluminum Ltd (VAL), seeking to recall the court's order of stopping the expansion of its Lanjigarh refinery project in Kalahandi district. The Orissa high court on July 19, 2011 had rejected the company's plea for a six-fold...
