Vedanta Shares Hit 52-Week High: Rose Over 4% in Intraday

On December 11, 2024, Vedanta share price saw a notable rise of over 4%, reaching its 52-week high of ₹525.15 after opening at ₹500.25. The surge in the share price followed positive announcements made by Anil Agarwal, the Chairman of Vedanta Group, regarding major investments aimed at boosting zinc and oil production in Rajasthan.

Anil Agarwal, Chairman of Vedanta Group, unveiled plans for a significant ₹1 lakh crore investment aimed at enhancing the production of zinc and oil in Rajasthan. This initiative is expected to generate around five lakh job opportunities in the state, helping to drive economic growth and employment.

Hindustan Zinc’s Contribution and Impact

Agarwal highlighted that Hindustan Zinc, a subsidiary of Vedanta, has already invested ₹1 lakh crore in the region. He further noted that the company’s annual contribution to the national exchequer amounts to ₹50,000 crore, with ₹10,000 crore specifically benefiting the Rajasthan state government.

Ahead of the Rajasthan Investment Summit, Agarwal praised the state for its abundant resources. He described Rajasthan as a land with vast potential, emphasizing its human resources and rich reserves of minerals and energy, including gold, silver, zinc, oil, gas, and granite. He also noted that entrepreneurs from Rajasthan have expanded their reach beyond the state, contributing to various industries globally.

Vedanta’s Future Plans and Investment Pledge

Looking to the future, Agarwal detailed Vedanta’s plans for continued investment in Rajasthan. Having previously invested ₹1 lakh crore, the company now intends to invest an additional ₹1 lakh crore to further ramp up zinc and oil production, creating job opportunities for 500,000 people.

Agarwal also announced the creation of a new industrial park that will offer investment opportunities ranging from ₹5 crore to ₹50 crore. Additionally, he revealed plans to build 25,000 houses within the next two years, marking a significant expansion in infrastructure development in the region.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.