Will Vedanta’s stock rise? The brokerage gave a new target price of ₹ 60 profit per share

New Delhi. Shares of Vedanta Ltd can be seen rising under the leadership of renowned industrialist Anil Agarwal. Many brokerages seem quite bullish on this stock. Currently the share price on BSE is Rs 447.10. Brokerages are expecting a rise of over Rs.60. The stock has returned nearly 74 percent so far this year. Apart from the direct dividend, in May this year the company had also announced a dividend of Rs 11 per share.

This stock has gained 3.15% in the last one month. Also, in the last one year it has given investors a return of only around 59%. This stock has gained more than 163% in 5 years. Many brokerages still see potential in this stock. Brokerages are suggesting to buy it.

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Broker opinion
Hong Kong brokerage CLSA said the company is looking at increasing capacity at its alumina refinery and cutting costs. According to CLSA, these profit-enhancing activities will be important for the re-rating of the company. Brokerage Stockbox said the stock is showing robust demand and sectoral strength. Stoxbox has a Buy recommendation on the stock with a target price of Rs 508. Also asked to place a stop loss at Rs 421. Investec has given a target of Rs 473 and a stop loss of Rs 270. Anand Rathi has said that the share can trade between Rs 435 to Rs 485 for 1 month.

Quarterly results
If we talk about Vedanta’s quarterly results, the company’s profit has seen a decline of 27% in the fourth quarter of FY23-24. On a year-on-year basis, the company’s fourth-quarter profit fell to Rs 1,369 crore from Rs 1,881 crore. Vedanta saw a 6% decline in revenue. The company’s operating income in the fourth quarter stood at Rs 34,937 crore.

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