Vedanta Ltd Share Price – NSE  /  BSE

Mining & Mineral products, Mid Cap

The foreign broker upgraded Vedanta's stock rating from 'reduce' to 'buy' and hiked the target price to Rs 390, up from Rs 360.

The broker highlighted Vedanta's favorable positioning to benefit from the commodity upcycle due to its diversified exposure. The company is actively enhancing capacity and profitability across different segments. Vedanta has signaled a growth trajectory, with the group's EBITDA anticipated to increase from $5 billion to $6-$7.5 billion by FY25/27. While the parent company has shown a notable reduction in debt, Vedanta's leverage has increased, the broker assessed.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.

On consolidated basis, the diversified metal company reported 18.3% decline in net profit to Rs 2,013 crore in Q3 FY24 as against Rs 2,464 crore in Q3 FY23. The miner reported highest ever third quarter revenue of Rs 34,968 crore, registering a growth of 4% YoY, driven by higher sales volume, premia and favorable movement in exchange rate which was partially offset by decrease in commodity prices.

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Vedanta Ltd is up for a fifth straight session in a row. The stock is quoting at Rs 368.5, up 9.02% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.26% on the day, quoting at 22702.4. The Sensex is at 74861.64, up 0.24%. Vedanta Ltd has risen around 33.83% in last one month.

Meanwhile, Nifty Metal index of which Vedanta Ltd is a constituent, has risen around 9.32% in last one month and is currently quoting at 8894.4, up 1.41% on the day. The volume in the stock stood at 563.16 lakh shares today, compared to the daily average of 136.63 lakh shares in last one month.

The benchmark April futures contract for the stock is quoting at Rs 370.5, up 9.26% on the day. Vedanta Ltd is up 35.11% in last one year as compared to a 28.1% spurt in NIFTY and a 59.13% spurt in the Nifty Metal index.

The PE of the stock is 6.77 based on TTM earnings ending December 23.

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Vedanta Ltd gained 4.15% today to trade at Rs 352.25. The S&P BSE Metal index is up 1.07% to quote at 30340.16. The index is up 7.07 % over last one month. Among the other constituents of the index, Steel Authority of India Ltd increased 2.08% and Tata Steel Ltd added 1.48% on the day. The S&P BSE Metal index went up 54.02 % over last one year compared to the 24.48% surge in benchmark SENSEX.

Vedanta Ltd has added 27.93% over last one month compared to 7.07% gain in S&P BSE Metal index and 1.88% rise in the SENSEX. On the BSE, 2.87 lakh shares were traded in the counter so far compared with average daily volumes of 8.67 lakh shares in the past one month. The stock hit a record high of Rs 352.75 on 10 Apr 2024. The stock hit a 52-week low of Rs 207.85 on 28 Sep 2023.

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The company stated that the alumina production at Lanjigarh refinery at 4,84,000 tonnes, up 18% YoY and 3% QoQ driven by better operational performance. The cast metal aluminium production increased by 4% YoY to 5,98,000 tonnes.

Zinc India's Mined metal production at 2,99,000 tonnes, up 11% QoQ, driven by mix of improved mined metal grades and higher ore production across mines.

The total production of Zinc International slipped 20% QoQ and 47% YoY to 33,000 tonnes.

Saleable iron ore production in Karnataka jumped 13% to 1.7 million tonnes in Q4 FY24 as compared with 1.5 million tonnes in Q4 FY23, due to improved operational efficiency and process improvement.

Total saleable production declined 11% YoY to 3,43,000 tonnes in line with lower hot metal production.

In Power segment, overall power sales shed by 1% YoY while down 2% QoQ to 3,981 million units. At Talwandi Sabo Power (TSPL), the power purchase agreement with the Punjab State Electricity Board compensates TSPL based on the availability of the plant. TSPL power sales were at 2,187 million units with 69% plant availability factor due to plant overhauling in Q4 FY24.

Meanwhile, the company’s board has approved to raise 2,50,000 senior, secured, rated, listed, redeemable, non-convertible debentures (NCDs) of face value Rs 1 lakh each aggregating upto Rs 2,500 crore in one or more tranches on private placement basis.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.

On consolidated basis, the diversified metal company reported 18.3% decline in net profit to Rs 2,013 crore in Q3 FY24 as against Rs 2,464 crore in Q3 FY23. The miner reported highest ever third quarter revenue of Rs 34,968 crore, registering a growth of 4% YoY, driven by higher sales volume, premia and favorable movement in exchange rate which was partially offset by decrease in commodity prices.

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