Vedanta inches up on signing pact with Foxconn to form JV for manufacturing semiconductors in India
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Vedanta is currently trading at Rs. 363.50, up by 2.05 points or 0.57% from its previous closing of Rs. 361.45 on the BSE.
The scrip opened at Rs. 367.50 and has touched a high and low of Rs. 370.00 and Rs. 361.80 respectively. So far 155574 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 385.75 on 19-Oct-2021 and a 52 week low of Rs. 182.35 on 15-Feb-2021.
Last one week high and low of the scrip stood at Rs. 385.65 and Rs. 359.80 respectively. The current market cap of the company is Rs. 134358.16 crore.
The promoters holding in the company stood at 69.69%, while Institutions and Non-Institutions held 19.51% and 9.36% respectively.
Vedanta has signed a pact with electronics manufacturing services giant Foxconn to form a joint venture (JV) for manufacturing semiconductors in India. According to the MoU (memorandum of understanding) signed between the two companies, Vedanta will hold the majority equity in the JV, while Foxconn will be the minority shareholder.
The collaboration between Vedanta and Foxconn follows the government's recent policy announcement for electronics manufacturing and PLI scheme for incentivising organisations to contribute towards the development of this sector.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
