NEW DELHI: Shares of Vedanta hit 52-week high on Thursday, boosted by an upbeat growth outlook offered by Chairman Anil Agarwal, who expects fiscal 2025 to be a "transformational" year for the mining group. .
The stock closed 3.4 per cent higher at Rs 390.95 on the NSE. It hit a one-year high of Rs 394.75 in intra-DA trade, showing a jump of 4.37 per cent.
It closed 2.88 percent higher at Rs 388.90 on BSE. The stock hit a 52-week high of Rs 394.70, up 4.41 per cent during the day.Vedanta shares have surged a whopping 45 per cent so far this month, marking their best monthly gain in a decade, which comes as the company focuses on trimming its balance sheet. Driven to continue investing capital to expand its capacity.
The stock has also gained momentum on the benefit of commodity upcycle.
The group aims to achieve annual EBITDA of US$7.5 billion within two years, while parent company Vedanta Resources aims to reduce its debt by US$1 billion over the next three years.
"FY2015 will be a transformational year for us on multiple fronts as we prioritize disciplined growth, operational excellence and exploration of opportunities across the value chain," Aggarwal said in a note to shareholders.
Vedanta is looking to raise about Rs 4,000 crore from Power Finance Corporation to boost power capacity as it aims to expand its energy portfolio in India amid increasing competition from larger domestic rivals.The recent rise in Vedanta's share price due to demerger plans and rising metal prices have led to a bullish call by domestic and international funds.
Vedanta's shares have also gained momentum due to strong buying by domestic and foreign institutional investors.
BlackRock, the world's largest asset manager, as well as Abu Dhabi Investment Authority (ADIA) as well as domestic mutual funds such as ICICI Mutual Fund, Nippo India Mutual Fund and Mirae India Mutual Fund increased their stake in Vedanta during the last four months. Is.
Apart from the deleveraging plan, the Street is eyeing the proposed demerger of Vedanta's business into six separate listed entities, which is expected to be completed by the end of 2024.
In September last year, Vedanta announced the demerger of metals, power, aluminum and oil and gas businesses into separate entities to unlock potential value.Agarwal believes the merger will help each company leverage its strengths and attract targeted investment, leading to sustainable growth and long-term stakeholder value creation.
Following the exercise, six independent verticals – Vedanta Aluminium, Vedanta Oy & Gas, Vedanta Power, Vedanta Steel & Ferrous Materials, Vedanta Base Metals and Vedanta Limited – will be created.
The stock closed 3.4 per cent higher at Rs 390.95 on the NSE. It hit a one-year high of Rs 394.75 in intra-DA trade, showing a jump of 4.37 per cent.
It closed 2.88 percent higher at Rs 388.90 on BSE. The stock hit a 52-week high of Rs 394.70, up 4.41 per cent during the day.Vedanta shares have surged a whopping 45 per cent so far this month, marking their best monthly gain in a decade, which comes as the company focuses on trimming its balance sheet. Driven to continue investing capital to expand its capacity.
The stock has also gained momentum on the benefit of commodity upcycle.
The group aims to achieve annual EBITDA of US$7.5 billion within two years, while parent company Vedanta Resources aims to reduce its debt by US$1 billion over the next three years.
"FY2015 will be a transformational year for us on multiple fronts as we prioritize disciplined growth, operational excellence and exploration of opportunities across the value chain," Aggarwal said in a note to shareholders.
Vedanta is looking to raise about Rs 4,000 crore from Power Finance Corporation to boost power capacity as it aims to expand its energy portfolio in India amid increasing competition from larger domestic rivals.The recent rise in Vedanta's share price due to demerger plans and rising metal prices have led to a bullish call by domestic and international funds.
Vedanta's shares have also gained momentum due to strong buying by domestic and foreign institutional investors.
BlackRock, the world's largest asset manager, as well as Abu Dhabi Investment Authority (ADIA) as well as domestic mutual funds such as ICICI Mutual Fund, Nippo India Mutual Fund and Mirae India Mutual Fund increased their stake in Vedanta during the last four months. Is.
Apart from the deleveraging plan, the Street is eyeing the proposed demerger of Vedanta's business into six separate listed entities, which is expected to be completed by the end of 2024.
In September last year, Vedanta announced the demerger of metals, power, aluminum and oil and gas businesses into separate entities to unlock potential value.Agarwal believes the merger will help each company leverage its strengths and attract targeted investment, leading to sustainable growth and long-term stakeholder value creation.
Following the exercise, six independent verticals – Vedanta Aluminium, Vedanta Oy & Gas, Vedanta Power, Vedanta Steel & Ferrous Materials, Vedanta Base Metals and Vedanta Limited – will be created.
