Vedanta's Stocks Surge Following Demerger Approval

Vedanta's stock soared by nearly 4% after the National Company Law Tribunal gave the green light to its demerger plan. This decision paves the way for Vedanta to split into specialized entities focused on aluminium, oil and gas, power, and iron and steel sectors.

The shares of Vedanta rose significantly, gaining almost 4% on Tuesday, subsequent to the approval of its demerger plan by the National Company Law Tribunal. This approval is a significant step towards dividing the group into independent sector-specific entities, covering areas like aluminium, oil and gas, power, as well as iron and steel.

On the Bombay Stock Exchange (BSE), Vedanta's stock price increased by 3.52% to close at Rs 569.35, and briefly reached a 52-week high of Rs 573, marking an intraday climb of 4.18%. Meanwhile, trading on the National Stock Exchange (NSE) saw the stock ascend by 3.65% to Rs 569.50.

The company's market capitalization appreciated by Rs 7,566.6 crore, now standing at Rs 2,22,637.94 crore. According to a tribunal bench comprising Charanjeet Singh Gulati and Nilesh Sharma, "The sanction to the company scheme is granted." This development has been eagerly anticipated since November, bringing Vedanta closer to its goal of becoming sector-leading companies with distinct strategic focuses and capital frameworks.

(With inputs from agencies.)