On the afternoon of November 16, Vedanta Ltd was trading a percent lower. Malco Energy Limited, a subsidiary of the mining conglomerate, has established a new entity in Saudi Arabia for copper operations for SAR (Saudi riyal) 1,00,000, the firm said in an exchange filing on November 15.
'Vedanta Copper International VCI Company Limited' is the name of the unit. The move comes as the corporation considers restructuring its operations.
The company's board of directors authorized a plan in September to split the corporation into six separately listed businesses.
According to owner billionaire Anil Agrawal, the separate listing of the several businesses would allow the "pure play" enterprises to develop. Equity99 is positive on Vedanta, calling the stock a "buy" with a target price of Rs 375.
In 2022, the business, which has a diverse footprint in oil and gas, metals, and mining, announced plans to expand in the Saudi mineral industry, stating that it was in talks to seek investment prospects in the region.
Over the last six months, the stock has lost 15.04 percent of its value while the benchmark Nifty has gained 8.07 percent.
The stock was trading at Rs 238.30 on the National Stock Exchange at 12:31 p.m., down 0.75 percent from the previous close.
Disclaimer: The opinions and investment advice offered by Moneycontrol.com experts are their own, not those of the website or its administration. Before making any investing decisions, Moneycontrol.com recommends that customers consult with professional experts.
