Bought this 24/03/09 for 651 sold last week at 1301 waited for it to drop to buy back in but it rose to 1366 this morning dont understand as mining stock has been poor for this week

Wonder what's causing this rise

Rising share price. Good chart. Results in 2 days time.Should be news of higher commodity prices and offer to cairn.

Vedanta sticks to guns on Cairn deal

Vidya Ram

London, Nov. 11

London-listed mining company Vedanta Resources is adamant that its acquisition of Cairn India will go ahead, despite the stand-off with ONGC. The company is on track to getting the ratification from the Government, the Chairman, Mr Anil Agarwal, told investors on a conference call on Thursday.

The company is expecting to complete the deal in the first quarter of next year, added the company's Deputy Executive Chairman, Mr Navin Agarwal.

We believe, we have secured a very attractive entry opportunity into the Indian oil and gas sector which fits with our strategy of being an Indian high-growth low-cost resource company, he said.

Cairn India was expected to double production in the short term, and had the scope to ramp up production still further, he said.

Over the past few weeks, tension between ONGC and Cairn has been escalating, as the state-owned energy firm insisted that it had pre-emptive rights, instructing the London-listed firm to seek its explicit approval. However, Vedanta Resources has been moving ahead with the deal struck with the Edinburgh-based Cairn Energy in August.

In early October, 99 per cent of Cairn Energy shareholders voted in favour of the sale of its majority stake in Cairn India.

The deal is yet to receive the approval of Vedanta Resources shareholders. Mr Navin Agarwal said that it would shortly be releasing the prospectus for Indian shareholders, outlining the full details of the bid, including bank debt facilities.

Questioned by a UK-based analyst about the challenges that had surrounded environmental and licensing processes, following of the withdrawal of clearance for the bauxite mine in Orissa, Mr Navin Agarwal said that all other licences were on track for approval.

This is a democratic country, sometimes it happens naturally, sometimes it takes timeand we go along with that. The company is also looking at listings for KCM, its recently acquired copper business, Mr Navin Agarwal said.

Net up 79% in H1

According to agency reports, the company reported a 79 per cent jump in net profit to $337 million for the six-month ended September 30, 2010, from $188.2 million in the previous year period. The group's revenue rose to $4.6 billion ($2.97 billion), registering a 54 per cent growth.)

Get in now ready to rocket.