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    VEDL   INE205A01025

VEDANTA LIMITED

(VEDL)
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Delayed Quote. Delayed NSE India Stock Exchange - 06/18 07:14:09 am
251.65 INR   -3.67%
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Vedanta wins Zambian appeal in Konkola Copper Mines case

11/20/2020 | 10:13am EDT
FILE PHOTO: A man walks past the logo of Vedanta outside its headquarters in Mumbai

LUSAKA (Reuters) - A Zambian court on Friday ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow owners Vedanta and ZCCM-IH to proceed to arbitration, the provisional liquidator said in a statement.

The ruling by the Court of Appeal represents a significant win for Vedanta, which is seeking the removal of the liquidator appointed by state mining investment firm ZCCM-IH - which owns 20% of KCM on the government's behalf - to run the company.

The India-based group has been locked in a dispute with the Zambian government since May last year, when Lusaka appointed the liquidator. Legal arguments over the case have been heard in both Zambia and South Africa.

Provisional liquidator Milingo Lungu said the court has not discharged him, and that he would continue to run the company.

A spokesman for Vedanta said: "Vedanta notes reports of the judgement from The Court of Appeal ruling in favour of Vedanta on all counts, with costs being awarded to Vedanta and with the winding up proceedings being stayed."

"Vedanta will review the full written judgement upon receipt."

(Reporting by Chris Mfula in Lusaka; Editing by David Goodman and Jan Harvey and Kirsten Donovan)

By Chris Mfula


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -0.93% 525.56 Delayed Quote.-0.77%
DOW JONES SOUTH AFRICA(ZAR) -1.01% 1905.73 Delayed Quote.8.05%
GOLD -0.76% 1763.3 Delayed Quote.-6.38%
S&P AFRICA 40 INDEX -1.27% 168.56 Delayed Quote.-2.69%
SILVER -0.88% 25.779 Delayed Quote.-1.24%
VEDANTA LIMITED -3.67% 251.65 Delayed Quote.55.92%
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Financials
Sales 2021 840 B 11 336 M 11 336 M
Net income 2021 82 486 M 1 113 M 1 113 M
Net Debt 2021 379 B 5 107 M 5 107 M
P/E ratio 2021 11,4x
Yield 2021 7,06%
Capitalization 932 B 12 568 M 12 572 M
EV / Sales 2021 1,56x
EV / Sales 2022 1,09x
Nbr of Employees 80 000
Free-Float 30,5%
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Technical analysis trends VEDANTA LIMITED
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 305,13 INR
Last Close Price 251,65 INR
Spread / Highest target 81,6%
Spread / Average Target 21,2%
Spread / Lowest Target -36,4%
EPS Revisions
Managers and Directors
NameTitle
Sunil Duggal Chief Executive Officer & Director
Anil Kumar Agarwal Non-Executive Chairman
Prerna Halwasiya Secretary & Compliance Officer
Upendra Kumar Sinha Independent Non-Executive Director
Mahendra Kumar Sharma Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
VEDANTA LIMITED55.92%12 568
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FIRST QUANTUM MINERALS LTD.13.39%14 294
JIANGXI COPPER COMPANY LIMITED25.29%9 889
KGHM POLSKA MIEDZ S.A.-2.21%9 316
SOCIEDAD MINERA CERRO VERDE S.A.A.-26.86%5 356