Vedanta Oil & Gas shares up 8%. What's boosting sentiment?
Shares of Vedanta Oil and Gas rallied more than 8% on Thursday after the Delhi High Court rejected the government’s objections to foreign arbitral awards worth $99 million to Vedanta and Ravva Oil.
Vedanta Oil and Gas shares rose to an intraday high of Rs 39.60 on the NSE on Thursday, outperforming its three Vedanta siblings that debuted on the exchanges following the group's mega demerger on June 15. While Vedanta Iron and Steel and Vedanta Aluminium fell up to 5%, Vedanta Power advanced 2%.
Why are Vedanta Oil and Gas shares rallying today?
The Delhi High Court recently rejected the Union government’s objections against the enforcement of foreign arbitral awards worth $99 million (nearly Rs 945 crore) favouring Vedanta Limited and Singapore-based Ravva Oil in a dispute related to the Ravva oil field production sharing contract, Bar and Bench reported.
Justice Jasmeet Singh earlier this month allowed an enforcement petition filed by the companies and directed that the bank guarantees furnished by them be released within eight weeks, the report further said. The reported case is related to the enforcement of a 2004 partial award and a 2016 final award passed by an arbitral tribunal seated in Malaysia's Kuala Lumpur.
Also read: Oil rises after US launches fresh strikes against Iran
The High Court ruled that the Supreme Court has already dealt with the government’s objections in a 2002 decision, the report said. The dispute was related to a production sharing contract executed in 1994. One of the associated companies in the said contract later came to be known as Cairn Energy India, which amalgamated with Vedanta.
couldn’t independently verify the report.
Vedanta Oil and Gas share price
Vedanta Oil & Gas shares listed at Rs 38 per share on NSE on June 15 after the mega demerger. The stock has so far gained more than 4% since then. The company currently has a market capitalisation of more than Rs 15,140 crore.
Also read: Vedanta Oil & Gas, Vedanta Iron & Steel, Vedanta Power shares crash post Q1 updates; Vedanta Aluminium rises
Vedanta Oil and Gas shares rose to an intraday high of Rs 39.60 on the NSE on Thursday, outperforming its three Vedanta siblings that debuted on the exchanges following the group's mega demerger on June 15. While Vedanta Iron and Steel and Vedanta Aluminium fell up to 5%, Vedanta Power advanced 2%.
Why are Vedanta Oil and Gas shares rallying today?
The Delhi High Court recently rejected the Union government’s objections against the enforcement of foreign arbitral awards worth $99 million (nearly Rs 945 crore) favouring Vedanta Limited and Singapore-based Ravva Oil in a dispute related to the Ravva oil field production sharing contract, Bar and Bench reported.
Justice Jasmeet Singh earlier this month allowed an enforcement petition filed by the companies and directed that the bank guarantees furnished by them be released within eight weeks, the report further said. The reported case is related to the enforcement of a 2004 partial award and a 2016 final award passed by an arbitral tribunal seated in Malaysia's Kuala Lumpur.
Also read: Oil rises after US launches fresh strikes against Iran
The High Court ruled that the Supreme Court has already dealt with the government’s objections in a 2002 decision, the report said. The dispute was related to a production sharing contract executed in 1994. One of the associated companies in the said contract later came to be known as Cairn Energy India, which amalgamated with Vedanta.
couldn’t independently verify the report.
Vedanta Oil and Gas share price
Vedanta Oil & Gas shares listed at Rs 38 per share on NSE on June 15 after the mega demerger. The stock has so far gained more than 4% since then. The company currently has a market capitalisation of more than Rs 15,140 crore.
Also read: Vedanta Oil & Gas, Vedanta Iron & Steel, Vedanta Power shares crash post Q1 updates; Vedanta Aluminium rises
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