Tag: copper

Shares of the multinational mining company Vedanta tanked nearly 12 percent to their fresh 52-week low to Rs R221.8 today after the firm invited expression of Interest (EoI) for its Tuticorin-based smelter, which has been shut since mid-2018, following a Tamil Nadu government order. The plant has been shut since May 2018 after a police firing killed 13 people during a protest against environmental pollution allegedly caused by the plant. The last day to submit EoI is July 4, and the bids have been invited in conjunction with Axis Capital. Plant units, including oxygen generation facility as well as residential homes, are also part of the sale offer. The plant has faced closures over alleged violations of environmental norms, as per the advertisement."Interested and financially competent parties shall submit an expression of interest along with a company profile and other relevant credentials latest by 1800 hours, 4th July 2022," Vedanta said in a newspaper advertisement on Monday. Read more

Shares of metal companies came under heavy selling pressure on Monday with the Nifty Metal index slipping 4.5 percent on the National Stock Exchange (NSE) in the intra-day trade. The Nifty Metal index has tumbled by nearly 250 points so far today with an intraday low of 5,683.85. The performance comes after the country's copper imports recorded double-digit growth for the June 2021 quarter by a whopping 26% to 60,766 tonnes in the quarter ending June 2021 (Q1FY22) compared to 48,105 tonnes imports witnessed in the same quarter a year ago. A decline in copper price on the back of a stronger dollar further added to the sell-side in stocks globally. Tata Steel was the top drag performance in the index tumbling by 10% as some analysts give a sell target on the company's stock. Read more

Shares of Vedanta Limited dropped 6 per cent to Rs 120.20 on the BSE after the Madras High Court refused to allow reopening of Sterlite copper smelting plant in Tamil Nadu's Thoothukudi. The High Court upheld the Tamil Nadu government's order of May 2018, which directed the closure of Vedanta's facility. The judgment was pronounced on August 18 by a Division Bench of Justices TS Sivagnananam and Bhuvani Subbaroyan. Vedanta Limited had moved the court challenging the state government's closure order against its Sterlite Copper Plant on May 28, 2018. The Thoothukudi Sterlite copper smelting plant remains shut since April 9, 2018, after the Tamil Nadu Pollution Control Board (TNPCB), through an order dated April 9, 2018, rejected the Consent to Operate (CTO) for the plant and issued a direction for closure and disconnection of power supply at the plant. 13 people were allegedly shot dead by the police on May 22, 2018 during a protest against the plant. Read more