Vedanta gains despite Rs 1.38-crore GST notice, downgrade by CRISIL
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In a November 18 regulatory filing, Vedanta said that it has received GST demand order worth Rs 1,38 crore along with applicable interest, from the GST & Central Excise Commissionerate, Rourkela.
Rating agency CRISIL downgraded Vedanta’s ratings on the long term bank facilities and debt instruments of the Company to ‘CRISIL AA-’ from ‘CRISIL AA’ and placed these ratings on ‘Rating Watch with Developing Implications’ from ‘Rating Watch with Negative Implications’.
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Shares of Vedanta opened 0.5 percent higher during early trade on November 20, after the Anil Agarwal-led company received a GST demand order worth Rs 1.38 crore from GST & Central Excise Commissionerate, Rourkela. At 9:50 am, the stock was trading at Rs 240.45.
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In a November 18 regulatory filing, Vedanta said that it has received GST demand order worth Rs 1,38 crore along with applicable interest, from the GST & Central Excise Commissionerate, Rourkela. A penalty of 10 percent of the demand issued may also be leviable, if the original demand is not discharged by the company, the filing adds. The company has decided to file the appeal with the Appellate Authority under the GST Law, after evaluated the merits of the case. The appeal drafting is in progress and will be filed in due course, the filing said.
Also read: Vedanta Q2 results: Net loss of Rs 915 crore despite strong EBITDA
According to a report by CNBC-TV18, sources have said that the stock has been buzzing on a potential large fundraise soon. No details on this are available currently. In September 2023, Vedanta announced an intention for demerger to create independent verticals through demerger of underlying companies, mainly its metals, power, aluminium, and oil and gas businesses to “unlock potential value.”
On November 17, in another filing, the company said that rating agency CRISIL had downgraded Vedanta’s ratings on the long term bank facilities and debt instruments of the Company to ‘CRISIL AA-’ from ‘CRISIL AA’ and placed these ratings on ‘Rating Watch with Developing Implications’ from ‘Rating Watch with Negative Implications’ while reaffirming the ratings on the short-term debt instruments of the Company at ‘CRISIL A1+’ and placing these ratings also on ‘Rating Watch with Developing Implications
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