Vedanta hits all time high, m-cap tops Rs 2 trn; up over 100% in a year

Vedanta shares gained 4.9 per cent in trade on Wednesday and logged an all time high at Rs 525.15 per share on BSE. The market cap of the Anil Agarwal-led metals and mining firm crossed Rs 2 trillion. Around 12:49 PM, the market capitalisation of the company stood at Rs 2,03,301.08 crore.  

 

On BSE, 1.028 million shares changed hands, while, on NSE 26.46 million shares were traded at around the same time. Meanwhile, Vedanta share price at around the same time was up 3.99 per cent at Rs 520.1 per share on BSE. In comparison, BSE Sensex was up 0.06 per cent at 81,557.66. The 52-week high of the stock was at Rs 525.15 per share and 52-week low of the stock stood at Rs 243.7 per share.

 

The stock price also reached global brokerage CLSA's and Motilal Oswal's target price of Rs 520 per share. Meanwhile, Equirus Wealth on December 2, 2024, initiated coverage on Vedanta for a target of Rs 560 per share with a 'Buy' rating. 

 

The brokerage expects Vedanta’s revenue/Ebitda/PAT to grow at 8.4 per cent/16 per cent/76.5 per cent compound annual growth rate (CAGR) over FY24-FY27E. Ebitda refers to earnings before interest, tax, amortisation and depreciation. PAT refers to profit after tax. 

 

That apart, at the inaugural conclave of the Rising Rajasthan Global Investment Summit 2024, on Monday, Vedanta Group Chairman Anil Agarwal along with leading industrialists announced to augment Rs 1 trillion to zinc and oil production.

 

Vedanta’s Agarwal said the group will invest Rs 1 trillion for zinc and oil production in the state, which would generate 100,000 jobs. He noted that Hindustan Zinc has already invested Rs 1 trillion in Rajasthan and contributes Rs 50,000 crore in taxes annually, of which Rs 10,000 crore goes to Rajasthan.  

 

Agarwal said the group’s expansion in the state would increase taxes for the Centre and state governments threefold to Rs 1.5 trillion, including Rs 40,000 crore in taxes for the state government. He also announced the setting up of an industrial park.

 

In the past one year, Vedanta shares have gained 101 per cent against Sensex's rise of 16.5 per cent.