Vedanta Ltd receives extension of Production Sharing Contract for RJ block

Vedanta Ltd operates an oil and gas production facility in Rajasthan under a Production Sharing Contract ("PSC") valid upto May 14, 2020. The Government of India ("GoI") accorded its approval for extension of the PSC under the Pre-NELP Extension Policy, as per notification dated April 07, 2017, for RJ Block by a period of 10 years with effect from May 15, 2020 vide its letter dated October 26, 2018, subject to fulfilment of certain conditions.

PSC extension for 10 years from May 15, 2020 to May 14, 2030 has been executed by the parties to the PSC on October 27, 2022.

The issue of application of extension policy to this extension is pending before the Hon'ble Supreme Court of India.

Shares of Vedanta Limited was last trading in BSE at Rs. 288.25 as compared to the previous close of Rs. 280.05. The total number of shares traded during the day was 1201855 in over 19940 trades.

The stock hit an intraday high of Rs. 292.30 and intraday low of 283.20. The net turnover during the day was Rs. 347897574.00.

Source : Equity Bulls

Keywords

Vedanta INE205A01025 VEDL PSC Extension