by Amruth Sundarkumar | Nov 24, 2022 | High Yield Bonds, India
Vedanta Ltd. announced an interim dividend of INR 17.5/share ($0.2/share) amounting to INR 65bn ($797mn), along expected lines. The large dividend by the Indian subsidiary will help its parent Vedanta Resources boost its debt refinancing efforts. Vedanta Resources has...
by Amruth Sundarkumar | Nov 16, 2022 | Corporates, India
Vedanta denied rumors of exiting its steel business by confirming their prioritization of the expansion of Electrosteel Steels Ltd (ESL) from 1.5mn tonnes to 3mn tonnes. This comes after an ET report had mentioned that Vedanta was rumored to be selling-off ESL to...
by Amruth Sundarkumar | Nov 7, 2022 | Corporates, Credit Ratings, India
Vedanta Resources’ dollar bonds dropped over 2 points after it terminated the credit rating services of Moody’s. The rating agency downgraded the company’s rating to B3 from B2 last week citing increased refinancing pressures as the company is yet to...
by Amruth Sundarkumar | Nov 1, 2022 | Credit Ratings, High Yield Bonds, India
Vedanta Resources was downgraded to B3 from B2 by Moody’s and its senior unsecured notes to Caa1 from B3. This comes on the back of “rising refinancing pressure” given that Vedanta is yet to obtain funding for its bonds due April 2023 and Vedanta...
by Amruth Sundarkumar | Oct 31, 2022 | Corporates, High Yield Bonds, India
Vedanta Ltd. reported a 61% fall in its consolidated net profits to INR 18.1bn ($220mn) for the quarter ending September. While revenues rose by 20% YoY to INR 374bn ($4.5bn), it also witnessed a sharp rise in expenses to INR 332bn ($4bn), up 43% YoY. Higher depletion...
