December 17, 2018 / 4:53 AM / 6 months ago

BUZZ-India's Vedanta gains as court orders restart of copper plant

** Shares of Vedanta Ltd rise as much as 5.8 pct to 213.3 rupees, their highest since Nov. 6

** An Indian environment court, on Saturday, directed the Tamil Nadu state pollution regulator to pass fresh order of renewal of consent for co’s copper smelter within 3 weeks

** 13 people were killed in May after demonstrations calling for closure of plant due to alleged pollution turned violent, resulting in shut down of smelter

** Morgan Stanley says news is “positive for the stock in the near term”; restart will add 4 pct and 8 pct upside risk to FY20 EBITDA and earnings estimates, respectively

** Stock trading at 30-day avg volumes of around 12.7 mln shares

** Stock records biggest intra-day pct gain in 45 days; among top gainers on the NSE index

** Stock down about 39 pct this year as of last close

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