Vedanta shares hit 52-week high with 'buy' tag from CLSA: Will rally continue? - Hindustan Times
close_game
close_game

Vedanta shares hit 52-week high with 'buy' tag from CLSA: Will rally continue?

Apr 10, 2024 11:05 AM IST

Vedanta share price: CLSA upgraded Vedanta's rating from 'reduce' to 'buy' and raised the target price to ₹390 from ₹360.

Vedanta share price: The shares of Vedanta rose over 7 per cent to a 52-week high of 364.60 today (April 10). This comes after CLSA upgraded Vedanta's rating from 'reduce' to 'buy' and raised the target price to 390 from 360. In the past year, the stock has gained 34 percent.

Vedanta share price: CLSA upgraded Vedanta's rating from 'reduce' to 'buy' and raised the target price to <span class='webrupee'>₹</span>390 from <span class='webrupee'>₹</span>360.
Vedanta share price: CLSA upgraded Vedanta's rating from 'reduce' to 'buy' and raised the target price to 390 from 360.

Vedanta share price: What CLSA said on Vedanta?

Read more: Automatic EPF account transfer from old to new job: How EPFO account transfer facility works?

CLSA said that the company is favourably positioned to capitalise on the commodity upcycle owing to its diversified exposure as it is making efforts to enhance capacity and profitability across various segments. CLSA also said that the company has indicated a growth trajectory with the group EBITDA expected to rise from $5 billion to $6-$7.5 billion by FY25/27. Although the parent company has seen a significant decline in debt, Vedanta's leverage has increased, it said.

Unlock exclusive access to the latest news on India's general elections, only on the HT App. Download Now! Download Now!

Vedanta share price: Stakes rise in Vedanta

Read more: Is Google CEO Sundar Pichai surprised by AI? He says ‘Yes and no’

BlackRock, Abu Dhabi Investment Authority, ICICI Mutual Fund and Nippon India Mutual Fund have raised their holdings in Vedanta by nearly 2 per cent over the past four months, news agency PTI said. In Vedanta, Foreign institutional investors (FIIs) have also increased their stakes by 1.2 percent in the same period. This comes after a recent surge in Vedanta's share price which are driven by demerger plans, deleveraging and rising metal prices.

Vedanta share price: What Nuvama said

Read more: Jefferies' target prices for Tata Steel, JSW Steel, Hindalco: Complete details here

Nuvama Institutional Equities said, “Vedanta is expected to report an Ebitda uptick of 2 per cent QoQ driven by higher volume in zinc, offset marginally by prices and lower CoP in aluminium. Aluminium is expected to report an Ebitda uptick of 2.5 per cent QoQ. Zinc international is expected to report a normal EBITDA (2x QoQ due to low base).”

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Get latest news on Education along with Board Exam, Competitive Exam and Exam Result at Hindustan Times. Also get latest Job updates on Employment News
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Saturday, May 25, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On