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Vedanta edges higher on emerging as preferred bidder for critical mineral blocks
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Vedanta is currently trading at Rs. 458.15, up by 0.35 points or 0.08% from its previous closing of Rs. 457.80 on the BSE.
The scrip opened at Rs. 461.50 and has touched a high and low of Rs. 467.70 and Rs. 453.50 respectively. So far 711646 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 523.60 on 30-Sep-2024 and a 52 week low of Rs. 230.65 on 30-Nov-2023.
Last one week high and low of the scrip stood at Rs. 476.30 and Rs. 451.55 respectively. The current market cap of the company is Rs. 179310.84 crore.
The promoters holding in the company stood at 56.38%, while Institutions and Non-Institutions held 27.80% and 15.82% respectively.
Vedanta has been declared as 'Preferred Bidder' for the Depo Vanadium and Graphite Block (on highest Final Price Offer of 2.55%) and Sanyasikoppa Cobalt, Manganese and Iron Block (on highest Final Price Offer of 45.00%).
Earlier, the Ministry of Mines, Government of India vide its ‘Notice Inviting Tender' dated June 24, 2024 for Tranche IV of Critical Mineral Block auctions, had invited tenders to participate in e-auction for grant of Composite Licenses in respect of Depo Vanadium and Graphite Block in the State of Arunachal Pradesh and Sanyasikoppa Cobalt, Manganese and Iron Block in the State of Karnataka. The Company had participated in the live e-auction for grant of the stated Composite Licenses.
As per the tender document, the Depo Vanadium and Graphite Block is at G3 level of exploration with total area of 104.65 hectares for the block, and Sanyasikoppa Cobalt, Manganese and Iron Block is at G4 level of exploration with total area of 1055.64 hectares for the block.
The grant of Composite Licenses by the Government of India in respect of aforesaid mines shall be subject to making of necessary payment of Performance Bank Guarantee, completion of other terms and conditions of the Tender Document, obtaining of necessary approvals/ permissions/ clearances from various Government Departments / Agencies and execution of necessary agreements/deeds in the matter.
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.
