The company last week had announced an expansion of rolled-product capacity at Balco from the existing 50 KTPA to 180 KTPA at a revised cost of Rs 595 crore. With the completion of this project, Balco will be placed in the high-premium product segment. It also said the expansion of Balco smelter capacity from an existing capacity of 580 KTPA to 994 KTPA by way of an expansion project of 414
The Mumbai-headquartered had announced revenue during the second quarter with a 20.6 per cent growth to Rs 36,237 crore from Rs 30,048 crore reported a year ago. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) decreased by 24 per cent to Rs 8,038 crore on account of input commodity inflation and lower output commodity prices; partially offset by improved operational performance, hedging gains and foreign exchange gains.
During the earnings announcement,
The holding company of India's Vedanta -- Vedanta Resources -- had terminated Moody's rating services. Moody's on October 31 had downgraded the corporate family rating of Vedanta Resources to B3 from B2 and senior unsecured bonds rating to Caa1 from B3. While downgrading, Moody's highlighted that Vedanta was yet to find a source of funding for its $900-million bond maturities due in April and May 2023.
On Wednesday, the global diversified natural resources company secured a coveted spot among the top 10 global metal and mining companies by ranking sixteenth out of 216 companies globally (98th percentile) and second in Asia Pacific by S&P Global Corporate Sustainability Assessment 2022, formerly known as Dow Jones Sustainability Index - DJSI.
The shares of the company on Friday closed 6.5 per cent up at 322.60 apiece on the BSE.
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