BUZZ-Vedanta: co & unit up on issue of NCDs

** London-listed miner Vedanta Resources (Other OTC: VDNRF - news) & unit Vedanta Ltd up sharply & both on track for sharpest intraday gain in around 3.5 mnths

** Vedanta Ltd, India's biggest private miner, raises 20 billion Indian rupees ($302.77 million) from State Bank of India (BSE: SBIN.BO - news) via issue of non-convertible debentures, which will reduce cost of funds

** Co, like other commodity peers, has been hit by a slump in commodities; has also suffered due to mining bans in key producing states

** Vedanta Ltd up c.7.6 pct with over 2 times daily avg volume traded through; Stock moves up after touching lowest in just under 5.5 yrs

** Parent co Vedanta Resources, controlled by billionaire Anil Agarwal, up 10.9 pct, top FTSE midcap gainer on LSE & top among peers on bullish FTSE's basic resources index

** UK mining stocks rebound on Tuesday after China cuts benchmark interest rates and banks' reserve requirement ratio

** Vedanta Ltd down 62 pct YTD & London-listed co down c.23 pct ($1 = 66.0576 Indian rupees) (RM (LSE: RM.L - news) : esha.vaish.thomsonreuters.com@reuters.net)