Business Standard

Rise in Vedanta stock may be temporary unless commodity prices rebound

Promoter's stake buy positive, but prices of aluminium, copper, steel, natural gas, crude oil, etc are all down in the past month

Vedanta Resources
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Vedanta

Devangshu Datta
An open offer from the promoters of Vedanta has led to a sharp turnaround in price. After losing sessions last week, the stock jumped over 7.7 per cent on high volumes when TwinStar Holdings and Vedanta Netherlands – both promoter entities– offered to buy 4.57 per cent stake (about 170 million shares) at an indicative price of Rs 350 per share.

This is a commitment of nearly Rs 6,000 crore, for the entire stake. The two big block deals by TwinStar and Vedanta NL have aggregated to over 137 million shares bought at Rs 350 for a total cost of

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First Published: Nov 23 2021 | 10:18 PM IST

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