Vedanta stock jumps over 1% after clarifying on a deal with Foxconn for semiconductors in India

17 Feb 2022 , 12:30 PM

Vedanta stock rallied on Thursday after the company clarified over a buzz claiming that the company has partnered with Foxconn to make semiconductors in India.

At around 12.23 PM, Vedanta was trading at Rs371.20 per piece up by 1.12% on BSE. The stock was near the day’s high of Rs373.20 per piece.

Stock exchanges sought clarification from the company concerning a news article appearing on Bloomberg Quint dated February 14, 2022, titled “Vedanta Partners With Foxconn To Make Semiconductors In India”.

As per the news article, Vedanta has tied up with Hon Hai Technology Group to make semiconductors locally after India announced incentives for chip companies to boost domestic production. Vedanta will hold the majority stake in a joint venture with Foxconn, as Taiwan’s Hon Hai is also called, according to a media statement said. Vedanta Group promoter Anil Agarwal will be the chairman of the JV.

Today, Vedanta clarified over the news to exchanges.

Vedanta in its regulatory filing clarified saying, “With respect to the press release dated February 14, 2022, please note that the proposed business of manufacturing semiconductors is not under Vedanta Limited and we understand that it will be undertaken by the holding company of Vedanta Limited.”