Vedanta stock gets boost after S&P upgrades rating of Vedanta Resources

Vedanta Share Price: Vedanta Ltd shares started off on a positive note on BSE on Tuesday (January 16, 2024) after brokerage S&P upgraded Vedanta Resources' rating from Selective Default to CCC+. 

Vedanta Ltd shares were trading higher by 1.06 per cent, or Rs 2.90, at Rs 275.80 at 9:42 am on Tuesday.

Vedanta Resources is the parent company of Vedanta Ltd.

S&P said that the company's rating has been upgraded due to strong possibility of loan repayment in 12-15 months.

The upgrade came after the company's rating was downgraded to SD last Friday.

Vedanta is one of India's leading mining companies with its operations in iron ore, gold and aluminium mines. 

Vedanta Resources is heavily into debts. Last month, it said that it had secured a $1.2 billion loan agreement with a clutch of global private credit funds to partly repay $3.2 billion of its bonds maturing in 2024 and 2025.