Vedanta shares hit fresh 52-week high as Motilal Oswal revises stock target price; shares up 80% in one year
Shares of Vedanta Limited gained over 3 per cent to trade on new 52-week high value of Rs 415.95 per share in Tuesday's intraday trade on the BSE.
Shares of Vedanta Limited gained over 3 per cent to trade on new 52-week high value of Rs 415.95 per share in Tuesday's intraday trade on the BSE. Share of the multinational mining company hit back-to-back 52-week high as the stock of the company traded on new high of Rs 407.35 on Monday.
This comes despite brokerage house Motilal Oswal maintaining a neutral view on the stock. It is of the view that the stock does not offer a favourable risk-reward at current juncture as oil, steel, aluminum, Zinc - all major commodities, which Vedanta produces are above the cycle averages and are supported by the Russia-Ukraine conflict.
See Zee Business Live TV Streaming Below:
"The related tightness may ease if the two nations agree to a settlement. We raiseFY22E/FY23E EPS by 2%/3% on the back of a $10/bbl increase in the forecast for crude oil for both years, resulting in a 3% increase in target price to Rs 459 (from Rs 450 earlier)," it said.
Earlier, Bofa upgraded Vedanta to buy with a target price of Rs 485 which translates into an upside of over 20 per cent from Rs 400 recorded on 21 March.
The global investment bank upgraded the stock on a strong rebound in operating cash flows. It also raised FY23-24E earnings by 28-32%. Ebitda will be contributed from aluminum + zinc + oil segments. The dividend yield is healthy at 9% and key near-term trigger, added the note.
Meanwhile, Anil Agarwal-led mining giant shares have been on the upward rally for the past one year. Vedanta stock price has jumped around 80% in one year and surged whooping over 400% in two years, showed technical data of the stock.
Earlier, on March 2, the Board of Directors of the Company approved a third Interim Dividend of Rs13 per equity share for the Financial Year 2021-22 amounting to Rs 4,832 Crore.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
02:13 PM IST