100% surge in 2024: What next for shares of Vedanta? – CNBC TV18
SUMMARY
Vedanta is now in focus ahead of its board meet on December 16, during which the board will consider a proposal for a fourth interim dividend for financial year 2025. The company has already paid ₹35 as dividend so far in this financial year during three previous announcements.
1 / 7Shares of Vedanta have surged as much as 100% so far in 2024. This is the best calendar year performance for the stock since 2021, when it had gained 110%. The stock had seen negative returns in 2022 and 2023 as well.
2 / 7The stock is now in focus ahead of its board meet on December 16, during which the board will consider a proposal for a fourth interim dividend for financial year 2025. The company has already paid ₹35 as dividend so far in this financial year during three previous announcements.
3 / 7Out of the 15 analysts that have coverage on Vedanta, nine of them have a “buy” rating on the stock, five of them say “hold”, while one has a “sell” rating on the Anil Agarwal owned mining major.
4 / 7Brokerage firm Nuvama has the highest price target on Vedanta among analysts at ₹663, with a “buy” rating. This implies a potential upside of 27% from Thursday’s closing levels.
5 / 7Both ICICI Securities and Emkay too have a “buy” rating on Vedanta with a price target of ₹600 each. Their respective price targets imply a potential upside of 15% from Thursday’s close.
6 / 7Brokerages like IIFL Securities and the Systematix Group have price targets of ₹559 and ₹545 on Vedanta, which is close to its current market price. The stock now trades above the price targets ascribed by brokerages like CLSA, Motilal Oswal, JPMorgan, Citi among others.
7 / 7Kotak Securities has a “sell” rating on Vedanta, the only one on the street, with a price target of ₹430. This implies a potential downside of 17% from current levels. The stock on Friday is trading over 1% lower at ₹515.
