Vedanta share price rose 0.53% to Rs 286.60 on Thursday after the group’s chairman Anil Agarwal assured investors that the company has enough funds to pay upcoming debt maturities worth $900 mln. The billionaire in an interview said that the group’s commodities businesses were ‘throwing off enough cash’ and expects $9 bln of profit across the group for the coming year, adding that ‘$1bn is peanuts for us.’ The statement came as a relief to investors as the shares of Vedanta have fallen over 7% in the past one month while the stock has tanked nearly 23% in the last one year. “Vedanta has less than $13 bln total debt and becoming a zero-debt company is not a distant dream, but a medium-term, achievable goal,” Anil Agarwal said.
Last month the company’s shares fell 9% in a single day after the government opposed the company’s proposal to sell its international zinc business to Hindustan Zinc Ltd for $2.98 billion overvaluation concerns.
Recently, Anil Agarwal asked the government to sell its 29% stake in Hindustan Zinc