Vedanta rises on inking MoU with Gujarat Alkalies and Chemicals
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Vedanta is currently trading at Rs. 258.00, up by 0.80 points or 0.31% from its previous closing of Rs. 257.20 on the BSE.
The scrip opened at Rs. 257.45 and has touched a high and low of Rs. 259.35 and Rs. 253.05 respectively. So far 725193 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 340.75 on 20-Jan-2023 and a 52 week low of Rs. 207.85 on 28-Sep-2023.
Last one week high and low of the scrip stood at Rs. 260.15 and Rs. 250.95 respectively. The current market cap of the company is Rs. 95996.67 crore.
The promoters holding in the company stood at 63.71%, while Institutions and Non-Institutions held 18.48% and 17.81% respectively.
Vedanta (Aluminium Business) has signed a Memorandum of Understanding (MoU) with Gujarat Alkalies and Chemicals (GACL), for exploring various business opportunities in the areas of Caustic-Chlorine and other allied businesses. The MoU aims to recognize the potential of adding value to the businesses of both Vedanta Aluminium and GACL, by adopting a collaborative approach based on their complimentary skills, strengths, and common business interests to achieve synergy.
Accordingly, both companies desire to explore opportunities for co-operation in greater detail so that resources can be pooled together in a mutually beneficial manner. This is also in line with Vedanta. Aluminium’s efforts towards vertical integration. With this MoU, both companies have, in-principle, agreed to jointly explore business opportunities either in the form of a joint venture project or through contractual arrangements of mutual interest.
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.
