Battle for JAL: Are Adani or Vedanta stocks worth the risk? Analysts decode

Vedanta and Adani group are involved in an intense battle to acquire assets of insolvent Jaiprakash Associates. Technically, Vedanta stock seems to be favourably placed on charts, says Bonanza analyst

Vedanta Ltd and Adani Group have been involved in an intense battle since the last few months to acquire the insolvent Jaiprakash Associates Ltd (JAL) that has presence across real estate, cement manufacturing, hospitality, power and engineering & construction businesses.  JAL was admitted to insolvency in June 2024 after it defaulted on payments of loans aggregating ₹57,185 crore.  Earlier this week, Vedanta informed the Supreme Court that its revised proposal to acquire JAL was turned down, even though it claims the offer was superior to that of the Adani Group.  In a petition contesting the lenders' choice to approve Adani Group's bid, Vedanta argued that its updated proposal offered nearly ₹3,400 crore more in overall value and about ₹500 crore higher net present value than the competing offer, according to reports.  Despite the revised proposal, the committee of creditors (CoC) chose Adani Group’s proposal, citing its offer of around ₹6,000 crore as immediate payment and a quicker schedule for clearing the remaining dues within two years, compared to Vedanta's extended timeline of up to five years.  ALSO READ | Stocks, real estate, bonds, gold, silver, oil: Where to invest in FY27?  Some of the prominent projects of JAL include Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, located near the recently inaugurated Jewar International Airport.  The group also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra.  JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies. 

Adani vs Vedanta: Analyst view

  At the bourses, meanwhile, stocks of Adani Enterprises and Vedanta displayed a divergent trend in the last 12 months. Vedanta stock outperformed and surged as much as 41 per cent, while Adani Enterprises shed 20.5 per cent. In comparison, the Nifty 50 lost 5.1 per cent in FY26, while the Sensex tanked 7.1 per cent, data shows.  So, is any among these two listed players – Vedanta and Adani Enterprises – worth your portfolio given the developments?  At the fundamental level, Gaurang Shah, head investment strategist at Geojit Investments, remains bullish on Vedanta and expects the demerger process to be complete by December 2026-end.  ALSO READ | Vedanta extends demerger deadline to June 30; shares rise 5%  “To that extent we remain bullish on the stock and recommend buying the stock even at the current levels. However, we may revisit this stance in case Vendata's bid for JAL goes through,” he added.  For G Chokkalingam, founder and head of research at Equinomics Research, Adani Enterprises is a better bet given its focus on domestic economy and infrastructure.  Technical outlook on Vedanta, Adani Enterprises 

Vedanta

Last close: ₹677 

 

 

  Kunal Kamble, Sr. Technical Research Analyst at Bonanza believes that Vedanta is exhibiting a strong bullish trend on the weekly chart, supported by a breakout above long-term consolidation.  "Vedanta is trading well above key Exponential Moving Averages (EMAs), indicating sustained upward momentum, while rising the Average Direction Index (ADX) suggests a strengthening trend strength," explains Kamble.  As a trading strategy the analyst sees support placed near ₹650 – ₹630 zone, followed by stronger support at ₹600. On the upside, resistance is seen around ₹700 – ₹720, and a decisive breakout above this zone may trigger further rally toward ₹780 – ₹800 levels. This implies a upside potential of over 18 per cent from current levels. 

Adani Enterprises

Last close: ₹1,842 

 

  Adani Enterprises is in a clear downtrend, forming lower highs and lower lows with a descending trendline intact, and the recent breakdown below a key support zone confirms continued bearish structure, says Kamble.  The analyst cautions against fresh long positions at this stage, and reckons that aggressive traders may look for short opportunities on pullbacks.  For risk management, Kamble recommends to maintain strict stop loss discipline above resistance for shorts and below recent lows for existing positions. The stock's recent high stands at ₹2,027, and the low at ₹1,753, shows the daily chart.  Disclaimer: The views expressed by the brokerage/ analyst in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.