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Tag: vedanta

  • Electoral bonds: BJP received donations from big corporate groups

    The BJP remained a major beneficiary of electoral bonds purchased by big corporate groups like Vedanta, Bharti Airtel, Muthoot, Baja Auto, Jindal group and TVS Motor, according to an analysis of data released by the Election Commission on Thursday. The Election Commission made public a fresh data set of electoral bonds, including their alphanumeric numbers that can help match their purchasers with the political parties that received the funds.

    Vedanta group gave donations to BJP, Congress, BJD and TMC while Bharti Airtel donated to BJP, RJD, SAD, Congress, and Janata Dal (United).

    Muthoot donated to BJP, NCP Maharahstra Pradesh, Bajaj group to BJP and AAP, Apollo Tires to Congress, Keventers to BJP and Congress. Industrialist Lakshmi Niwas Mittal donated to the BJP, while Biocon chief Kiran Mazumdar Shaw donated to BJP, TMC and Congress.

    Rungta Sons Private Limited donated to Congress, BJP, TMC and Sikkim Krantikari Morcha.

    Pharmaceutical companies Piramal Capital and Sun Pharma donated to the BJP while Torrent Pharmaceutical Limited donated to BJP, AAP and Congress, Natco Pharma gave donations to BJP, TDP, TMC and BRS.

  • Vedanta, 20 Korean corporations tie up for electronics

    NEW DELHI : Vedanta Group has partnered with 20 present glass corporations from South Korea because it actually works to assemble an electronics manufacturing hub in India, a excessive agency govt said.

    The Anil Agarwal-led group signed agreements with these corporations on the present Korea Biz-Trade Show 2023 event, organized by the South Korean authorities’s commerce promotion arm.

    “More than 50 corporations have confirmed their curiosity in partnering with us and we’re blissful to announce that we have got signed memorandums of understanding (MoUs) with 20 Korean corporations engaged throughout the electronics manufacturing price chain,” said Akarsh Hebbar, worldwide managing director of Vedanta’s semiconductor and present enterprise. Vedanta is establishing a semiconductor plant in Gujarat in a 3 means partnership with Taiwan’s Foxconn.

    Hebbar moreover invited additional corporations to confederate for the electronics hub. He said the hub has the potential to attract larger than 150 corporations and would possibly generate larger than 100,000 direct and indirect jobs in the end.

    Vedanta’s greenfield present fab will possible be part of the proposed electronics hub, added Hebbar. Last December, Vedanta signed agreements with 30 Japanese companies all through a roadshow in Japan, which was attended by delegates from 100 corporations.

    Vedanta’s present manufacturing enterprise is led by its unit Avanstrate Inc, which makes specific glass utilized in LCD panels and has manufacturing operations in South Korea and Taiwan. The company may also be engaged on creating wafer glass, ultra-thin glass, and glasses for AR/VR.

    India is rising as a producing trip spot for electronics. To make certain, India’s revenue share of the semiconductor factor market is predicted to clock a compound annual progress value (CAGR) of 19% to $300 billion in 2026 from $119 billion in 2021, based mostly on an August 2022 report by India Electronics & Semiconductor Association (IESA) and Counterpoint Research.

    In December 2021, the Indian authorities licensed a ₹76,000 crore production-linked incentive (PLI) scheme to attract worldwide semiconductor and present producers to rearrange fabs and present manufacturing objects in India.

    In addition to Vedanta-Foxconn’s plans, International Semiconductor Consortium (ISMC), a 3 means partnership between UAE’s Next Orbit Ventures and Israel’s Tower Semiconductor, are moreover working to rearrange a fab in Karnataka.

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  • Vedanta plans $20-bn chip unit in Gujarat: Report

    Vedanta has determined to arrange its semiconductor manufacturing unit in Gujarat and has recognized land for it. According to Reuters, an announcement to this impact is anticipated later this week with a proper signing of a memorandum of understanding (MoU) between the state authorities and the corporate.

    The Vedanta Group has an preliminary funding plan of $2 billion for the semiconductor unit, which might go as much as $20 billion as the corporate scales up the mission. “Various state governments have approached us for providing land for the project, and we are also in talks with several of them. We will soon identify the location to set up the unit. We want to see which state is able to create an entire cluster of units,” Anil Agarwal, Vedanta chairman, had stated earlier.

    Vedanta is amongst the 5 firms which have utilized for the federal government’s Rs 76,000-crore incentive scheme for growth of semiconductors and show manufacturing ecosystem within the nation.

    In truth, the corporate has submitted two proposals — one the place it has fashioned a three way partnership with Foxconn for manufacturing chips and the second, by itself for show fabs.

    Vedanta is assured of getting world orders as soon as its semiconductor manufacturing unit is up and operating in India. It is already into manufacturing fab glasses and optic fibre globally, so it isn’t going to be a brand new enterprise for the corporate. “We already make fab glasses in Japan, South Korea, and Taiwan and have 20,000 people working for us, so we are already in the business,” Agarwal had stated.  FE

  • Many situations, related end result: Tuticorin plant might not restart, say consultants

    Vedanta’s plan to unload its closed copper smelter plant in Tuticorin, Tamil Nadu, may play out in a number of other ways, steel business executives and analysts mentioned, however in the direction of the identical end result — the unit not getting restarted.

    Last month, the Anil Agarwal-promoted firm invited expressions of curiosity for the copper smelter with a deadline of Monday, July 4. The provide consists of the sale of the copper smelter advanced, sulphuric and phosphoric acid vegetation, copper refinery, a captive energy plant and a residential colony, amongst different related infrastructure.

    When functioning, the plant addressed virtually 40 per cent of India’s copper calls for however was shut down by the Tamil Nadu Pollution Control Board in May 2018 after violent protests emerged exterior the plant due to environmental considerations, main to fifteen individuals being killed by police firing. In March 2020, the Madras High Court dismissed Vedanta’s pleas difficult closure of the plant, and the corporate then appealed in opposition to the order in Supreme Court, which began listening to the case in March this yr. The firm’s plans to promote the plant has come even because the apex courtroom is but to offer its verdict.

    “We do believe that there are a lot of sensitivities involved, and any bidder looking to acquire the Tuticorin plant is going to very critically evaluate restarting production. The Supreme Court decision is also pending, and there is no political support from the state government,” Hetal Gandhi, director, CRISIL Research advised The Indian Express.

    Gandhi additionally identified that due to the rising demand for copper, new gamers are displaying curiosity in coming into the sector. Ahmedabad-based Adani Group has began work to construct a 1 million tonne each year copper plant in Gujarat, which the corporate says will probably be one of many largest copper refinery complexes on the planet. It is predicted to begin manufacturing by 2024. “If you see, a new area that Adani is entering, like cement, has been through acquisition at a very high premium. So for the copper unit also, if they saw a remote chance at restarting production (at the Tuticorin plant), they would have tried (to acquire) it,” Gandhi added.

    A senior govt at a state-owned mining firm mentioned that Vedanta’s transfer to promote the copper plant may very well be a technique to pressurise the federal government. “State governments are very keen on bringing in new investments, and the sale of such a major plant could send the wrong message for the political leadership. But also keep in mind that the Tuticorin issue is a very politically sensitive issue. Neither of the major political parties in Tamil Nadu have supported reopening of the plant. Even with a new owner, the obstacles to restart the unit still remain,” the chief mentioned. An e-mail question despatched to Vedanta in India didn’t elicit a response.

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    Analysts mentioned that the plant’s operations assume significance given India’s import dependence for its copper wants. “Since 2018-19, India is importing copper in different formats. In 2020-21, almost 52 per cent was being met through imports, and in 2021-22, this number jumped to almost 61%. So while the demand for copper is rising, we are seeing share of imports is actually going up. This includes both primary and secondary copper,” Gandhi mentioned.

    Saurabh Bhatnagar, associate and metals & mining consulting chief, EY India, mentioned: “Copper is a major component in many industries, with the electrical and telecommunications industries being the largest consumers, followed by transport, consumer durables, building & construction and engineering goods. Therefore, its usage remains a good indicator of economic health. With a consistent GDP growth of the country, and with a dip in domestic production, imports of refined copper increased to 92,290 tonnes in 2018-19 from 44,245 tonnes in 2017-18 while exports declined to 47,917 tonnes from 378,000 tonnes during this period”.

    “India will continue to import more copper in various forms in the country to meet its growing demand,” he added.

  • From Axis Bank to Ambuja Cements: Here are prime shares to observe on April 29

    The frontline fairness indices on the BSE and National Stock Exchange (NSE) ended over 1.2 per cent greater on Thursday. The S&P BSE Sensex surged 701.67 factors (1.23 per cent) to finish at 57,521.06 whereas the Nifty 50 rallied 206.65 factors (1.21 per cent) to settle at 17,245.05.

    Going forward, listed here are the highest shares to observe on Friday, April 29, 2022:

    Axis Bank

    Private sector lender Axis Bank on Thursday reported a 49.77 per cent leap in its consolidated web revenue for the March quarter to Rs 4,434 crore on a consolidated foundation, helped by a steep discount in cash put aside for dangerous money owed.

    On a standalone foundation, the third-largest non-public sector lender reported a 54 per cent leap in its post-tax web at Rs 4,118 crore. For the fiscal 12 months 2021-22, it reported a 98 per cent leap in its post-tax revenue at Rs 13,025 crore.

    For the reporting quarter, its core web curiosity revenue grew 17 per cent to Rs 8,819 crore, on a 15 per cent development in advances and a marginal narrowing within the web curiosity margin at 3.49 per cent. The different revenue grew 19 per cent to Rs 4,223 crore, helped by a robust push from retail merchandise charges.

    Motilal Oswal Financial Services

    Brokerage agency Motilal Oswal Financial Services on Thursday reported a 35 per cent fall in web revenue at Rs 300 crore within the three months to March, regardless that its income grew by 21 per cent to Rs 1,100 crore. The firm had posted a web revenue of Rs 461 crore within the year-ago interval.

    For the total 12 months, the corporate reported a 33 per cent uptick in income at Rs 4,051 crore and earned a web revenue of Rs 1,310 crore, which is a development of 4 per cent.

    Biocon

    Biocon on Thursday reported a 4 per cent decline in consolidated web revenue to Rs 283.9 crore within the fourth quarter ended on March 31, 2022. The firm, which posted a consolidated web revenue of Rs 296.4 crore in the identical quarter earlier fiscal, has appointed former HSBC India Chairperson Naina Lal Kidwai as an unbiased director, Biocon mentioned in a regulatory submitting.

    Consolidated income from operations within the fourth quarter stood at Rs 2,408.8 crore as in opposition to Rs 1,842.1 crore within the year-ago interval, it added.

    IIFL Finance

    IIFL Finance on Thursday reported a 30 per cent development in web revenue to Rs 321 crore for the March quarter, pushed by robust mortgage gross sales and decrease provisioning for impaired belongings.

    For the total 12 months ending March 2022, the corporate booked a Rs 1,188 crore in web revenue, a development of 56 per cent year-on-year, aided by an total asset development of 15 per cent to Rs 51,210 crore regardless of Covid interruptions in the course of the 12 months.

    Shriram Transport Finance

    Non-banking monetary firm (NBFC) Shriram Transport Finance on Thursday reported a 43.87 per cent leap in its standalone revenue after tax at Rs 1,086.13 crore within the quarter ended March 2022, on the again of enchancment within the web curiosity margin and asset high quality.

    The firm had reported a standalone revenue after tax of Rs 754.93 crore in the identical interval of FY21.

    Ambuja Cements

    Ambuja Cements, a part of Swiss constructing materials main Holcim Group, on Thursday reported a 30.26 per cent decline in its consolidated web revenue to Rs 856.46 crore for the primary quarter ended March 2022 on account of rising gas costs. The firm, which follows the January-December monetary 12 months, had clocked a web revenue of Rs 1,228.24 crore a 12 months in the past, Ambuja Cements mentioned in a BSE submitting.

    However, its income from operations elevated by 2.4 per cent to Rs 7,900.04 crore in the course of the January-March quarter in comparison with Rs 7,714.81 crore within the corresponding quarter of the earlier monetary 12 months.

    Vedanta

    Mining main Vedanta on Thursday reported a consolidated revenue after tax of Rs 7,570 crore for the January-March quarter of 2021-22 on the again of upper gross sales quantity, supportive commodity costs and operational efficiencies. The firm had posted a revenue after tax of Rs 5,105 crore within the year-ago interval, Vedanta mentioned in an announcement.

    The distinctive objects at Rs 336 crore in final quarter primarily relate to Rs 2,697 crore acquire from impairment reversal in oil and gasoline, which was partially offset by exploration price written off in Cairn.

    The firm’s income from operations within the interval below assessment rose to Rs 39,342 crore from Rs 27,874 crore a 12 months in the past. Its bills stood at Rs 29,901 crore within the quarter in opposition to Rs 22,549 crore within the year-ago interval.

    -with PTI inputs

  • NCLAT stays NCLT nod for Vedanta arm’s Videocon takeover

    The National Company Law Appellate (NCLAT) on Monday ordered established order to be maintained within the insolvency case of Videocon Industries Limited, thereby staying the approval granted to Vedanta group’s Twin Star Technologies by the Mumbai Bench of the National Company Law Tribunal (NCLT).
    Hearing an enchantment filed by Bank of Maharashtra, a two member Bench headed by officiating NCLAT chairperson Justice A I S Cheema mentioned that since issues had been raised that Twin Star Technologies, the profitable decision applicant would “bring in just Rs 262 crore and from that also first payment of Rs 200 crore will be brought in 25 months,” the established order needs to be maintained.
    The matter will probably be subsequent heard on September 7 and until then the decision skilled would proceed to handle the corporate as per the provisions of the Insolvency and Bankruptcy Code (IBC), the NCLAT mentioned in its order.
    Last month, the Mumbai bench of NCLT had, whereas approving the plan submitted by Twin Star Technologies, had raised questions on Vedanta group firm’ Rs 2,962 crore bid for 13 Videocon group firms, noting that the applicant was paying “almost nothing”.
    The decision of the 13 firms of the Videocon group is the primary group insolvency decision accomplished beneath the Insolvency and Bankruptcy Code (IBC).

  • SC phrases Covid-19 scenario ‘national emergency’, agrees to listen to Vedanta plea of free oxygen provide

    The Supreme Court Thursday termed the Covid-19 scenario as virtually a “national emergency” whereas agreeing to listen to Vedanta’s plea for opening of its Sterlite copper unit at Tuticorin in Tamil Nadu on the bottom that it might produce thousand tonnes of oxygen and provides it freed from value to deal with sufferers.
    A bench headed by Chief Justice S A Bobde was unimpressed with the objection of Tamil Nadu authorities which initially sought listening to of Vedanta’s plea on Monday and opposed its opening on varied grounds together with that it has been rejected by the apex court docket earlier.
    “We understand all this. We will ensure compliance of all environmental norms by the plant and its oxygen producing facility would be allowed to operate. We are on the oxygen plant,” the bench, additionally comprising Justices L Nageswara Rao and S Ravindra Bhat, stated when senior advocate C S Vaidyanathan for Tamil Nadu objected to the plea of the corporate.
    “There is almost a national emergency and you (Tamil Nadu) don’t put spokes in the solution. We will hear it (plea of Vedanta) tomorrow,” the bench stated within the listening to performed by video conferencing.
    “The country is in dire need of oxygen and the Centre is augmenting oxygen from whichever source. Vedanta wants to make its plant operational, but let Vedanta only make it operational to manufacture oxygen for health purposes,” Solicitor General Tushar Mehta stated.
    “Between protecting environment and protecting human life, we must lean in favour of protecting human life,” Mehta stated.
    Senior advocate Harish Salve, showing for Vedanta, sought pressing listening to of the plea in the course of the day itself and stated individuals are dying on each day foundation and we will produce and provide oxygen to deal with Covid-19 sufferers.

    “We can start in five to six days if you give a go ahead today. The company can manufacture tonnes of oxygen there everyday and is ready to supply them free of cost,” Salve stated.
    The Tamil Nadu authorities, nonetheless referred to the information and stated no oxygen manufacturing may be began by the corporate earlier than two to 4 weeks.

    The bench would hear the interim software on Friday.
    The copper unit was closed after a May 23, 2018 order by the Tamil Nadu Pollution Control Board following violent protests in opposition to the unit which left 13 folks lifeless in police firing.