Vedanta surges on bagging two critical mineral blocks in Karnataka, Bihar
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Vedanta is currently trading at Rs. 442.40, up by 2.60 points or 0.59% from its previous closing of Rs. 439.80 on the BSE.
The scrip opened at Rs. 441.90 and has touched a high and low of Rs. 447.45 and Rs. 437.90 respectively. So far 1042336 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 506.85 on 22-May-2024 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. 470.50 and Rs. 437.90 respectively. The current market cap of the company is Rs. 173327.95 crore.
The promoters holding in the company stood at 59.32%, while Institutions and Non-Institutions held 25.08% and 15.60% respectively.
Vedanta has bagged two critical mineral blocks which were put on sale. The blocks are in Karnataka and Bihar. The company has been declared as preferred bidder for the Gollarahatti-Mallenahalli Nickel Chromium and PGE Block and Genjana Nickel, Chromium and PGE Block.
The mines ministry has put on sale the Gollarahatti-Mallenahalli Nickel Chromium and PGE Block in Karnataka -- at G4 level of exploration and Genjana Nickel -- Chromium and PGE Block in Bihar, which is at G3 level of exploration. The exploration for any mineral deposit involves four stages -- reconnaissance survey (G4), preliminary exploration (G3), general exploration (G2) and detailed exploration (G1).
While one block was put on sale in the second round of critical minerals blocks auction the other one was put on auction in the third round.
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.
