Vedanta limited wings as soon as oxygen production gets green signal in Tamil Nadu plant, up 5%
New Delhi. Several political parties in Tamil Nadu have on Monday supported the resumption of medical oxygen production at the Seal Sterlite Copper Plant at Thoothukudi of Vedanta Limited in view of the widespread spread of COVID-19 infection in the state. An all-party meeting was held for this for two hours. After which DMK leader Kanimozhi informed about this. After this, the shares of Vedanta Limited are seeing a rise of about 5 percent in the stock market. Let us also tell you how much Vedanta has benefited from this decision.
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Vedanta shares rose 5 percent
Today, Vedanta shares are seeing a gain of 5 per cent. Currently, Vedanta Limited shares are trading up 5.11 percent at Rs 239.50 at 2 pm. Whereas today the company’s stock started at Rs 229. On Friday, the stock of Vedanta closed at Rs 227.85. Let us tell you that there has been a lot of fluctuation in the stock of this company. On April 8, the company’s stock reached 52 weeks high with Rs 244.90. After which there was a continuous decline.
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4300 crore rupees profit
The rise in Vedanta shares has led to a rise in the market cap of Vedanta Limited. The company’s market cap has come down to Rs 89,026.86 crore after the day’s share price touched a high of Rs 239.50. While the market cap of the company was around Rs 84,696 crore when the market closed on Friday. That is, the market cap of the company has seen an increase of more than Rs 4300 crore.
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Why did the company’s stock increase
In fact, the Sterlite copper plant at Vedanta Limited in Thoothukudi in Tamil Nadu has been closed for more than two years due to local opposition. The company had filed a petition in the Supreme Court, saying that this plant can meet the lack of oxygen in the country. After which the Supreme Court had asked the state government to reply in this case. On which the state government said that if the plant is opened, there could be a law and order problem in Thoothukudi. The Supreme Court had expressed displeasure over the state government’s statement that how can the government make such a statement in the country where people are dying due to lack of oxygen. After which the state government convened an all party meeting today. In which all the parties have agreed to the company to produce only oxygen at the plant.
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