Vedanta, led by Anil Agarwal, is set to invest $2 billion in copper projects in Saudi Arabia, including a smelter and refinery with a capacity of 400,000 metric tons per year. The initiative aligns with the growing demand for copper and Saudi Arabia's industrial growth strategy, with operations expected to begin in 2026. A $30 million copper rod mill project will kick off the venture, producing 125 kilotons annually.
Vedanta plans to invest $2 billion in Saudi Arabia to establish copper-processing facilities, enhancing the kingdom's goal of becoming a global metals and mining hub. The investment includes a new smelter and refinery with a capacity of 400,000 metric tons per year, along with a facility to produce 300,000 tons of copper rods annually, essential for electric cables.
China has reduced or eliminated export tax rebates on select aluminium and copper products, as well as refined oil and batteries, leading to a surge in aluminium futures prices in London. This move, which affects rebates on various aluminium products and other commodities, is seen as a strategic response to ongoing trade tensions, particularly following the recent US presidential elections. Shares of major metal producers in India are closely monitoring the situation as international soyoil prices also rise.
State Bank of India reported a consolidated profit of Rs 20,219.62 crore for Q2FY25, marking a 23.4% increase year-on-year, with standalone profit rising 27.9% to Rs 18,331.44 crore. The bank's gross NPA ratio improved to 2.13%, while credit growth reached 14.93% YoY, driven by corporate and agricultural advances. Meanwhile, Tata Steel's EBITDA rose to Rs 55 billion, bolstered by strong Indian operations, despite widening losses in Europe.
Hindustan Zinc shares fell over 8% on November 6 after the government announced a 2.5% stake sale through an offer-for-sale (OFS) at a floor price of Rs 505, nearly 10% lower than the previous closing price. The government will divest 1.25% equity, with an option to increase the offer size by another 1.25%.
The government plans to divest up to 2.5% of its stake in Hindustan Zinc through an Offer for Sale (OFS) starting November 6, with a floor price set at Rs 505 per share. This includes a base offer of 1.25% equity and an additional 1.25% as a green shoe option. Retail investors can bid on November 7, while non-retail investors can participate on November 6, with 10% of the offer reserved for retail bids up to Rs 2 lakh.
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