Vedanta shares in focus today, here's why  

Shares of Vedanta are in news today after metal and mining firm said it has been declared as preferred bidder for a diamond mine in Madhya Pradesh. Vedanta stock closed 1.04% higher at Rs 438.05 in the previous session. Vedanta shares are trading higher than the 5 day, 10 day, 20 day, 30 day and lower than the 50 day, 100 day, 150 day and 200 day moving averages. Market cap of the firm rose to Rs 1.71 lakh crore. A total of 6.25 lakh shares of the firm changed hands amounting to a turnover of Rs 27.36 crore on BSE. 

Vedanta said it was the highest bidder with a final price offer of 1.10 per cent. "The company has been declared as 'Preferred Bidder' for the Kauhari Diamond Block," Vedanta said in a regulatory filing.

The mine is at G4 level of exploration with total area of 643.4169 hectares for the block.

The G4 stage of exploration is the reconnaissance stage, which involves identifying potential mineral deposits on a large scale. This stage is a grassroot exploration that involves systematic geological mapping and airborne geophysical surveys.

The grant of composite licence by government with regard to the said block will be subject to making of necessary payment of performance bank guarantee, completion of other terms and conditions of the tender document, obtaining of necessary approvals from various government departments and execution of necessary agreements, the company said.

The Madhya Pradesh government had invited tenders to participate in an auction for grant of composite licence in respect of the diamond block. The company had participated in the sale for grant of the composite licence of the mine.