After climbing to a record high of ₹523 on September 30, shares of commodity major Vedanta have come off over 15 percent amid a fall in the overall markets. The Anil Agarwal-led firm's latest slump comes after its stock price doubled over the past one year.
Is it a blip or a trend reversal?
Most analysts are upbeat on the counter driven by Vedanta's strong showing during the second quarter ended September 2024 (Q2FY25), which has improved earnings visibility over the medium term. Furthermore, operational efficiencies, capacity expansion, debt reduction, attractive dividend payouts and ongoing demerger are driving analysts' optimism.
The 12-month price targets for Vedanta range between ₹470 and ₹663, implying an upside between 8 percent and 50 percent from current levels.
This story is from the November 15, 2024 edition of Business Standard.
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This story is from the November 15, 2024 edition of Business Standard.
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