Vedanta shares rise after demerger approval; should you buy, sell or hold the stock?
Vedanta share price target 2023: CLSA double-upgraded Vedanta to outperform from underperform but reduced its price target for the stock by Rs 25 to Rs 230. The brokerage is of the view that from an operational perspective, nothing is likely to change for the company in the near term owing to the demerger.
Vedanta share price NSE, Vedanta share price target 2023, Vedanta demerger news: Vedanta (VEDL) shares gained on Tuesday, shrugging off broad-based weakness on Dalal Street, after the board of billionaire Anil Agarwal-led mining major Vedanta approved a proposal to demerge its diversified businesses into five additional listed companies. Vedanta has said the move is aimed at unlocking value for its shareholders. Vedanta shares ended Rs 8.4, or 3.77 per cent, higher at Rs 230.95 apiece on NSE, rising for a second straight session.
As part of the arrangement, shareholders will get one share each in the five new listed entities for every share held in Vedanta Ltd. The five entities will be: Vedanta Aluminium, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Oil & Gas, and Vedanta Base Metals. The company expects to complete the entire process by the financial year 2024-25.
Here's how the counter moved on Tuesday:
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