6 days ago
Vedanta Group Shares Rise as Company Denies Stake Sale Speculation
Several Vedanta group companies saw their share prices rise on Wednesday.
This happened even though the wider stock market was described as bearish.
Vedanta Oil and Gas recorded the biggest increase among the listed companies mentioned.
Vedanta Resources said reports about a possible sale of its holdings were not true.
The company said it currently has no such plan.
It said it is focused on growth and unlocking value for shareholders.
Vedanta also pointed to its plan to split into five focused companies.
The company said it remains committed to reducing debt and providing shareholder returns.
Shares of Vedanta group companies rose sharply on Wednesday despite a bearish trend in equities.
Vedanta Oil and Gas gained 5.57% on the BSE.
Vedanta Iron And Steel rose 4.98%, while Vedanta gained 4.31%.
Vedanta Aluminium Metal climbed 3.32% and Vedanta Power increased 1.57%.
Vedanta Resources denied media reports suggesting it planned to sell stakes in Vedanta group companies.
- Who
- Vedanta group companies and Vedanta Resources Limited.
- What
- Vedanta group shares rose, while Vedanta Resources denied speculation about selling its shareholdings.
- Where
- On the BSE; the report is datelined New Delhi.
- When
- Wednesday.
- Why
- The article attributes the share movements to market demand but does not give a specific reason; Vedanta said it remains focused on growth, its demerger, capital spending, deleveraging and shareholder returns.
Media speculation
Vedanta Resources' position
Possible stake sale
Media speculation
Recent media speculation suggested that Vedanta Resources could sell its shareholding in Vedanta Limited, Vedanta Aluminium or another group company.
Vedanta Resources' position
Vedanta Resources denied the speculation and said there is currently no such plan.
Key facts
- Top gainer
- Vedanta Oil and Gas rose 5.57%.
- Other major gainers
- Vedanta Iron And Steel rose 4.98% and Vedanta gained 4.31%.
- Additional share movements
- Vedanta Aluminium Metal increased 3.32% and Vedanta Power rose 1.57%.
- Market context
- The gains came despite a bearish trend in equities.
- Stake-sale position
- Vedanta Resources said there is currently no plan to sell its shareholding in Vedanta Limited, Vedanta Aluminium or any other Vedanta group company.
- Strategic focus
- The company cited its demerger into five focused companies, growth capital spending, deleveraging and shareholder returns.
Quotes
Vedanta spokesperson
A spokesperson representing Vedanta Resources Limited
“Vedanta Resources Limited denies the recent media speculation regarding a purported sale of its shareholding in Vedanta Limited, Vedanta Aluminium, or any other Vedanta group company, and confirms that there is currently no such plan.”
thehansindia.com
Sources
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