The redeemable NCDs will be listed on the BSE.
Shares of Vedanta jumped 4% to hit their 52-week high of Rs 312.50 on the NSE. The price action was accompanied by strong volumes as nearly 1.80 crore shares changed hands on the NSE around 2 pm. The total traded value of the shares stood at Rs 556.05 crore. The stock has delivered 8% returns over the last 12 months and its returns in 2024 stand at 20%.
The stock recently received an upgrade from CLSA. The Hong Kong-based brokerage revised the rating from a ‘Sell’ to ‘Underperform’. In its stock review note, CLSA said that the company was focused on operational uptick and deleveraging. It said that the company’s operational improvement will be key to its rerating.
Meanwhile, Nuvama also has a buy view on the counter for a price target to Rs 394.
The management has guided for $3 billion in debt reduction at Vedanta Resources by FY27 without any incremental debt at Vedanta Limited.The monetisation of steel and iron ore assets by Q1FY25E (expect $2 billion) shall act as a first step, it said further.Vedanta had reported an 18.3% year-on-year (YoY) fall in consolidated net profit for the quarter ended December to Rs 2,013 crore. Revenue from operations rose 4.2% YoY to Rs 35,541 crore. Sequentially, the revenue declined by nearly 9%. For the quarter ended September, the company posted a loss of Rs 1,783 crore. Earnings before interest, taxes, depreciation, and amortization or EBITDA rose nearly 21% YoY to Rs 8,531 crore. Operating margin expanded a sharp 328 basis points on year to 24%.
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