Vedanta is the new target of bears, says Sandeep Sabharwal

Sabharwal also said that he is not entirely bullish on commodity companies, although, Finfluencer said, talk of a possible default seems far-fetched.

shares of Vedanta Ltd. closed with a gain of 3.76 percent. Anil Agarwal Company said it has sufficient resources to meet loan repayment liabilities in the coming quarters, as it traded at Rs 278.55 on the BSE in Wednesday’s trade to allay investor concerns about its financial position. Did.

The company said it has pre-paid all its maturities till March 2023 and has made a loss of $2 billion in the past 11 months. Thus, it has achieved half of its 3-year debt reduction commitment of $4 billion in the first year, ahead of its plans for this fiscal year.

State-owned Hindustan Zinc’s $2.98 billion plan to acquire the zinc assets of Vedanta Ltd was followed by opposition from the government, which holds 30 per cent of HZL. Government officials want HZL to explore alternative strategies without using up its cash reserves.

“Vedanta Resources Ltd has pre-paid all its maturities till March 2023 and has paid USD 2 billion in the last 11 months. Thus, it has fulfilled half of its debt reduction commitment of USD 4 billion in the first year. , well ahead of our plans for this financial year,” the firm said in a statement.

The stock had declined nearly 14 per cent in the previous session following a fall in Vedanta bond yields due to hindrance in acquisition of Hindustan Zinc and a rise in the US dollar.