Shares of Vedanta Ltd and Adani Enterprises Ltd (AEL) climbed 7 per cent in Monday's trade amid a media report suggesting te National Company Law Appellate Tribunal (NCLAT) has rejected the Anil Agarwal-led company plea against CoC selection of the AEL bid for Jaiprakash Associates Ltd. Following the development, Vedanta shares rose 8.58 per cent to hit a high of Rs 294.85 on BSE. AEL shares were trading 3.03 per cent higher at Rs 2,480. 

The Supreme Court (SC) had last month asked NCLAT to decide on Vedanata's plea and counter petition expeditiously on dispute over acquisition of Jaiprakash Associates, while refusing to stay Adani Group’s Rs 14,535 crore bid to acquire Jaiprakash Associates. However, the top court had restrained the monitoring committee of JAL from taking any major policy decision without prior approval from the tribunal.

The Anil Agarwal-led Vedanta Group was in the race to acquire Jaiprakash Associates through the insolvency process, but lenders approved the resolution plan of Adani Enterprises Ltd in November last year.

Vedanta shares were also in focus recently after the demerger of its businesses. Besides, its March quarter performance was largely in line with expectations, supported by better volumes and favorable LME prices. The Vedanta management is targeting to maintain strong growth in earnings, driven by the upcoming capacity supporting higher value added products and a favorable pricing environment. 

"The guided capex plans are progressing well and will likely lead to further cost savings. VEDL remains firm on its deleveraging plans, and going forward, higher cash flows will support both its expansion plans and deleveraging efforts," Nuvama said on April 30.  

JAL case history
The corporate insolvency resolution process of Jaiprakash Associates commenced on June 3, 2024, with Bhuvan Madan appointed as the resolution professional. The Committee of Creditors approved the resolution plan with a 93.81 per cent voting share on November 18, 2025. Subsequently, on March 17, the National Company Law Tribunal, Allahabad bench, approved Adani Enterprises Ltd’s Rs 14,535 crore bid under the insolvency process, as the company had earlier informed stock exchanges BSE and NSE.