Vedanta rises over 2% post NGT order on Tuticorin unit

On the BSE, the stocks after opening at Rs 214.25, higher 6.48 per cent from the previous close, finally settled at Rs 205.65, up 2.21 per cent.

In March, Vedanta acquired assets of Electrosteel Steels, which marked its entry into steelmaking in India.

Stocks of Vedanta Monday rose over 2 per cent after the NGT set aside the Tamil Nadu government order for closure of the company’s copper plant at Tuticorin.

On the BSE, the stocks after opening at Rs 214.25, higher 6.48 per cent from the previous close, finally settled at Rs 205.65, up 2.21 per cent. The stock advanced 1.88 per cent to close at Rs 205.40 on the NSE. Intra-day it was trading at Rs 213.30, an increase of 5.80 per cent.

In terms of the equity volume, over 19 lakh shares were traded on the BSE, while over 2.7 crore units changed hands on the NSE.

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The NGT on Saturday, set aside the Tamil Nadu government order for closure of the copper unit at Tuticorin, which was at the centre of massive protests over alleged pollution, saying it was “non sustainable” and “unjustified”.

A bench headed by NGT Chairperson A K Goel asked the Tamil Nadu Pollution Control Board (TNPCB) to pass a fresh order for renewal of consent and authorisation to handle hazardous substances, subject to appropriate conditions for protection of the environment in accordance with law within three weeks from Saturday.

In May, Vedanta’s Sterilte Copper had to close the smelter plant following the state government order. The company had challenged the order in the National Green Tribunal (NGT). Earlier, Sterlite Copper CEO P Ramnath had said that the plant met over 30 per cent of the of India’s copper demand.

Sterlite Copper’s plant closure had led to a spike in the prices of phosphoric and sulphuric acids, adversely affecting the downstream chemical and fertilisers industry, he added.