Vedanta lifted by India ruling

SHARES in India-focused miner Vedanta soared yesterday after the country’s supreme court reversed a decision to close its Tuticorin copper smelter.

Vedanta’s subsidiary Sterlite Industries, which runs the smelter in the Tamil Nadu state, appealed against the decision to close the unit in September 2010.

The subsidiary of the FTSE 100 company said yesterday that the top court had granted the appeal, but has fined the firm 1bn rupees (£12m) for air and water pollution.

The Tuticorin smelter – which produces more than 300,000 tonnes a year – was shut last week due to a gas leak, Vedanta said.

Shares in the miner closed up 1.71 per cent yesterday at 1,009p as investors welcomed the decision.