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Shares of Vedanta Ltd rise as much as 5.8 per cent to ₹213.3, their highest since November 6
The National Green Tribunal (NGT) has ordered reopening of the Sterlite copper smelter plant at Thoothukudi by dismissing Tamil Nadu government’s order to close the plant.
The high court, on Saturday, directed the Tamil Nadu state pollution regulator to pass fresh order of renewal of consent for the company's copper smelter within 3 weeks.
Morgan Stanley has said that news is “positive for the stock in the near term”. The plant restart will add between 4 per cent and 8 per cent upside risk to FY20 EBITDA and earnings estimates.
The stock was trading at 30-day average volumes of around 12.7 million shares
The stock has recorded biggest intra-day per cent gain in 45 days and it was among top gainers on the NSE index
It may be noted that Vedanta was down about 39 per cent this year as of last close
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