Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Vedanta's Sesa Sterlite Gets Permission To Resume Mining In Karnataka, India

India-focused miner Vedanta Resources Plc's (VED.L) subsidiary Sesa Sterlite Ltd., Saturday announced that it has received permission from the Honorable Supreme Court appointed Monitoring Committee to resume mining activities at its Karnataka mine, India.

Sesa Sterlite, formerly Sesa Goa Ltd., said it has commenced its mining operations, in accordance with stipulated conditions. Sesa Sterlite is a subsidiary of Vedanta Resources, a London listed company.

The Honorable Supreme Court of India had earlier given clearance for resumption of mining operations for A and B category mines in Karnataka, vide its order dated April 18, 2013.

It was in April this year that Vedanta Resources' subsidiaries, Sesa Goa Ltd., and Sterlite Industries, India, Ltd., announced that the High Court of Bombay at Goa has approved the Scheme of Amalgamation and Arrangement amongst Sterlite, Madras Aluminium Company Ltd., Sterlite Energy Ltd., Vedanta Aluminium Ltd., and Sesa Goa Ltd., and their respective shareholders and creditors, to create Sesa Sterlite.

VED.L closed Friday's regular trading at 901.5 pence, up 2.68 percent.

Click here to receive FREE breaking news email alerts for Vedanta Resources Plc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast. Micro-blogging site Twitter Inc said Tuesday after the markets closed that its second quarter loss widened from last year, hurt mainly by stock-based compensation expense, even as revenue more than doubled thanks to growth in advertising. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.