Vedanta share price: Vedanta loses 5% as mining major explores investment in Saudi mineral sector

Vedanta loses 5% as mining major explores investment in Saudi mineral sector

17 Jan , 2022 By : monika singh

NEW DELHI: Shares of Vedanta NSE -3.05 % gave up 5 per cent in early trade on Monday after the Anil Agarwal-owned mining major said that it was exploring investment opportunities in the mineral sector of Saudi Arabia.

The company is already in discussions with stakeholders in Saudi Arabia, which is aiming to become a mineral hub in the Middle East.

Vedanta’s scrip fell to a low of Rs 319.75 as against the previous close of Rs 336.20 on the National Stock Exchange. The stock was last trading 3.3 per cent lower.

“The company is in discussions to identify investment opportunities in Saudi Arabia, which will transform itself into a mineral hub in the Middle East,” Vedanta’s chairman, Anil Agarwal who was invited as a guest speaker at the Future Minerals Forum 2022 held in Riyadh, Saudi Arabia, was quoted as saying in reports.

News agency Reuters reported on Thursday that the country is also preparing a new investment law to address the needs of investors, as told by its investment minister Khalid al-Falih.

Saudi Arabia has tremendous potential in non-oil minerals and the Government wants to make the country a future hub for minerals, reports quoted Vedanta as saying.
“Saudi Arabia has set a target of generating half of its energy from renewable sources by 2030. Vedanta would like to be the ideal partner to bring about the transformation,” Vedanta’s statement said.

Vedanta reported a consolidated net profit of Rs 4,615 crore during the September quarter of FY22, up 5.5 times year on year (YoY) on the back of strong aluminium prices on the London Metal Exchange, which touched an all-time high in September.

The company had reported a net profit of Rs 4,224 crore in the previous quarter.