Vedanta Hits 52-Week Low For 2nd Day In A Row, Approves Raising 2500 Cr Via NCDs

Shares of large cap diversified company Vedanta hit fresh 52-week low on Friday after its board of directors considered and approved raising of Rs 2500 crore via issue of non-convertible debentures (NCDs) on a private placement basis. Earlier on September 21, the Anil Agarwal led-company's stock hit 52-week low. The market capitalisation of Vedanta company is Rs 83,915.71 crore at the time of writing the report. Check details below:

Vedanta Board Approves Rs 2500 Crore NCDs Issue: As per the BSE filing of Vedanta dated September 22, 2023, "we hereby inform that the duly authorized Committee of Directors at its meeting held today i.e., Thursday, September 21, 2023, considered and approved for raising, on a private placement basis, upto 2,50,000 nos. Secured, Unrated, Unlisted, Redeemable, NonConvertible Debentures("NCDs") of face value Rs 1,00,000/- each aggregating upto Rs 2,500 Crores in one or more tranche(s)."

Vedanta Stock Outlook & Return: Last trading price of Vedanta share is Rs 225.75 per share on BSE after intraday fall of 0.35%. Its 52-week high price is Rs 340.75 per share and 52-week low price is Rs 222.65 per share, respectively. Vedanta shares declined 5% in last 2-weeks, fell 20% in last 3-months, fell 28% YTD, and dipped 20% in last 1-year. Vedanta stock offered return of 77% in last 3-years. Vedanta share is now trading near its 52-week low price.

Vedanta Financials: The diversified conglomerate for the quarter ended June 30, 2023 announced its consolidated total income at Rs 34,279.00 crore, down 11.27% as compared to last quarter total income of Rs 38,635.00 crore. The company in its latest quarter declared its net profit after tax at Rs 3,308.00 Crore.

Vedanta Limited About: Vedanta Limited is one of the world's foremost natural resources conglomerates, with primary interests in aluminium, zinc-lead-silver, oil and gas, iron ore, steel, copper, power, ferro alloys, nickel, semiconductor and glass. With world-class strategic assets based across India, South Africa, Namibia and Liberia, we are rightly positioned to create long-term value with superior cash flows, according to its official website.