Vedanta shares in focus after SC dismisses plea to reopen Sterlite copper smelter plant in Thoothukudi

Vedanta share price NSE: Anil Agarwal-led Vedanta shares remained on focus on Friday, March 1, a day after the Supreme Court rejected the mining firm Vedanta's plea to commence operations at the Sterlite Copper smelter plant in Thoothukudi, Tamil Nadu. Vedanta shares traded at Rs 270.4, up 0.82 per cent on NSE in afternoon deals after being sluggish so far in the session.

The Supreme Court dismissed its plea for re-opening its copper smelting plant in Tamil Nadu's Thoothukudi, closed since May 2018 over pollution concerns, while underscoring the importance of the health and welfare of the residents.

A bench headed by Chief Justice D Y Chandrachud dismissed Vedanta's Special Leave Petition (SLP) against the August 18, 2020, verdict of the Madras High Court, which had rejected the mining giant's plea for allowing the Sterlite Copper unit to reopen.

The verdict came days after the apex court proposed to set up a panel of domain experts to inspect the unit and suggest further compliances and the way forward, saying shutting down a plant of "national importance" will not serve anybody's purpose.

Vedanta's December 2023 quarter results

Vedanta reported an 18.3 per cent decline in consolidated net profit at Rs 2,013 crore for the third quarter ended December 2023. However, the company's consolidated income in Q3 of the current fiscal year increased to Rs 36,320 crore from Rs 34,818 crore logged in the same period a year ago.

(with agency inputs)

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