Vedanta Oil Wins $99M Arbitration Battle

Vedanta Oil and Gas shares experienced a significant rally, surging more than 8% on Thursday. This surge followed reports that the Delhi High Court had cleared the enforcement of $99 million in arbitral awards in favor of Vedanta and Ravva Oil. The court's decision rejected the Union government's objections concerning the Ravva oil field production sharing contract. This ruling pertains to awards issued in 2004 and 2016 by a tribunal in Kuala Lumpur. The High Court noted that prior Supreme Court decisions had already addressed the government's objections from 2002. This positive legal development occurred despite Vedanta Oil and Gas reporting a 17% year-on-year decrease in gross oil and gas production for the April-June quarter of FY27.