A combination of tight supply and strong global demand has kept metal prices on an upswing. For instance, Iceland’s Century Aluminum announced a temporary production slowdown at its Grundartangi smelter following an equipment failure, cutting output by nearly two-thirds. The company is currently assessing the impact and determining a timeline for equipment replacement.
In a separate development, Vedanta said it will invest an additional Rs 1 lakh crore in Odisha, creating over one lakh direct and indirect jobs. The plan includes a Rs 2,000-crore ferro-alloys plant in Keonjhar and two new aluminium parks — one at Jharsuguda and another at a location identified by the state government, officials said on Thursday.
As per PTI, Anil Agarwal-led Vedanta Resources Ltd (VRL) has raised $500 million through bonds in October and will use the proceeds to repay near-term obligations. In a letter to bondholders, the company said, “The average maturity of our debt portfolio is now over four years, and we have reduced our weighted average interest cost to single digits, reflecting a stronger, more resilient capital structure.”
Vedanta added that it has completed a $500 million bond issuance, using the proceeds to repay near-term obligations, including a $550 million Private Credit Facility (PCF), in line with its deleveraging roadmap.
Q1 performance snapshotThe company is yet to announce the date for its Q2 FY26 results. In Q1, the mining major reported an 11.7% year-on-year (YoY) decline in consolidated net profit to Rs 3,185 crore, while revenue from operations rose 5.75% YoY to Rs 37,824 crore, up from Rs 35,764 crore a year ago.Sequentially, profit attributable to owners declined 8.5% from Rs 3,483 crore in the previous quarter. Vedanta also reported its highest-ever first-quarter EBITDA at Rs 10,746 crore, up 5% YoY, supported by a margin expansion of 81 bps to 35%.
The company said its net debt-to-EBITDA ratio stood at 1.3x, and its credit rating was reaffirmed at ‘AA’.
At around 10:30 am, shares of Vedanta were trading at Rs 501, up 1.1% from the previous close on the NSE. The stock has gained 20% in the last six months.
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