Vedanta shares are trading higher than the 5 day, 10 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. Vedanta shares are trading higher than the 5 day, 10 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. Vedanta shares are trading higher than the 5 day, 10 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. Shares of Vedanta Ltd hit their record high in the afternoon session on Wednesday amid a mild rally in the broader market. Vedanta stock rose 5% to Rs 525.15 on BSE. Market cap of the firm climbed to Rs 2.02 lakh crore. This is the first time market cap of the Anil Agarwal-led metals and mining firm crossed the Rs 2 lakh crore mark. A total of 9.97 lakh shares of the firm changed hands amounting to a turnover of Rs 51.70 crore on BSE.
Vedanta shares have a one-year beta of 1.3, indicating high volatility during the period. In terms of technicals, the relative strength index (RSI) of Vedanta stands at 69.9, signaling the stock is trading neither in the overbought nor in the oversold territory.
The stock has gained 101% in 2024. In five years, the stock has risen 274.17%. The large cap stock is trading higher than the 5 day, 10 day, 200 day but lower than the 30 day, 50 day, 100 day, and 150 day moving averages.
With today's rally, the metals and mining stock crossed global brokerage CLSA's price target of Rs 520. Motilal Oswal's price target of Rs 500 was also met today.
Brokerage firm Equirus has a buy call on Vedanta stock with a price target of Rs 560, citing attractive valuations. Equirus expects Vedanta's revenue, EBITDA, and net profit to grow at a compounded annual growth rate (CAGR) of 8.4%, 16%, and an astounding 76.5%, respectively.
Jigar S Patel, manager at brokerage Anand Rathi expectsv the stock to reach Rs 550 in the short term. "Support will be Rs 500 and resistance at Rs 525. A decisive move above the Rs 525 level may trigger a further upside of Rs 550. The expected trading range will be between Rs 490-Rs 550 for the short-term," said Patel.
Nuvama Institutional Equities has buy call with a price target of Rs 663 on the stock
The brokerage is of the view that despite a rise in alumina prices, profitability of aluminium segment shall rise in Q3 due to increased usage of captive alumina, 40 per cent of alumina buiyng is on spot basis and firm aluminium prices. "We retain a positive stance on Vedanta."