Vedanta Share: Made a big announcement just 13 minutes before market close - won the race

News Topical, Digital Desk : Vedanta Ltd has bagged another important mining project in Karnataka. The company has been declared Preferred Bidder for Janthakal Iron Ore Mine. This mine has been allotted through e-auction process. Janthakal Iron Ore Block is a high-grade iron ore mine located in Karnataka. Its historical production and quality makes it strategically important. Big news has come about Vedanta. The company's stock has closed at Rs 455, up 1.12 percent. The stock has increased by 9 percent in 3 months. The stock has increased by 4 percent in one year.

This allocation was done through e-auction. Vedanta beat other bidders and got the status of Preferred Bidder. This deal will further strengthen Vedanta's steel and iron ore business. The company's Backward Integration Strategy will get a boost - that is, now the supply of iron ore will be done by itself. This will also have a positive impact on cost control and profit margin. E-auction maintains transparency and the state government gets higher royalty and revenue. This will also increase the local economy and employment. This mining win of Vedanta will strengthen the company's iron ore portfolio. If the company starts mining soon, it will reduce the cost of steel units and profitability can improve in the long term.

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