Business
Vedanta shares jump 4%, hit 52-week high after NCLT approves demerger plan
The demerger will lead to the creation of five separate entities – aluminium, oil & gas, ferrous, power and steel.
A Vedanta spokesperson said that the company welcomes the tribunal’s sanctioning order for the demerger scheme. “The approval marks a key milestone in Vedanta’s transformation into focused, sector-leading companies with clear strategic mandates and dedicated capital structures. The Company will now proceed with the necessary steps to implement the scheme,” the spokesperson added.
The development is seen as a major relief for the company after the government earlier objected to the proposed demerger plans in August, claiming it was being used as a trick to frustrate the recovery of pending dues.
The rally saw top volumes with 2.8 crore shares changing hands on the NSE around 3:15 pm. The traded value of the shares stood at Rs 1,582.17 crore.
Vedanta shares have rallied 25% in the past three months, benefiting from strong action in the metal pack. The stock has not just outperformed the Nifty Metal index (5%) but also the benchmark Nifty, whose returns stand around 2% in this period.
