Vedanta rises 3% after denying rumours of bid for Essar Steel

Vedanta also said it will file a writ petition before the Madras High Court against orders directing the closure of the Sterlite copper plant

Shares of Vedanta rose as much as 3.4 percent in early trade on February 20 after the company denied it was in talks with JSW Steel to submit a revised joint bid for Essar Steel.

Media reports on February 19 had suggested that the two companies could propose a deal for Essar Steel, which would be higher than Arcelor Mittal’s bid.

Vedanta also said it will file a writ petition before the Madras High Court against orders directing the closure of the Sterlite copper plant.

The Supreme Court had on February 18 dismissed the NGT’s order that allowed reopening of the Sterlite plant in Thoothukudi, Tamil Nadu.

At 0948 hours, Vedanta was quoting at Rs 156.8 on the BSE, up 2.48 percent.

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