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.  

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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.  

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"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.