Vedanta Aluminium Stock In Red After Opening Rally, Bulls vs Bears Over Return of 3-Day Selloff; Check TP

Vedanta Aluminium Share Price Today: Shares of Vedanta Aluminium Metal remained volatile through Thursday's trading session. The metal stock rallied in early trade before giving up most of those gains later in the day. Vedanta Aluminium's share price swing follows a three-session slide since its post-demerger listing. Despite this, two brokerages have initiated coverage of Vedanta Aluminium stock with a 'Buy' call.

Vedanta Aluminium share price was trading 2% lower at Rs 456 per share on BSE with a market capitalisation of Rs 1,78,704.73 crore at 10:44 am on Thursday. The stock had touched an intraday high of Rs 479.80 per share and an intraday low of Rs 455.10 per share.

Vedanta Aluminium Share Price Recommendation

Brokerage Citi has initiated coverage with 'Buy' rating on Vedanta Aluminium, reported CNBC TV 18. The brokerage has given a price target of Rs 560 per share for the stock. Considering the price target, the stock has 20% upside potential from Wednesday's closing levels.

Kotak Institutional Equities has also initiated coverage on Vedanta Aluminium with a 'Buy' rating, the CNBC TV 18 report added. It has given a price target of Rs 600 per share with an upside potential of 29% from current levels.

As per the brokerage, the Vedanta stock is in a strong position to capitalise on the industry growth and benefit from sector-leading volume growth.

Why Is Vedanta Aluminium Share Price Falling?

The three-day decline in Vedanta Aluminium shares came after the metal stock outperformed other Vedanta entities and listed at impressive market price on Monday. Stupendous Vedanta Aluminium listing prompted profit booking by investors.

"Vedanta Aluminium's listing gives the market a cleaner way to value the aluminium cycle, rather than assessing the business inside a broader and more complex group structure. The listing has created a separate price discovery for one of India's largest aluminium platforms, and that matters because investors can now evaluate the business on its own operating metrics: aluminium prices, power costs, integration benefits, leverage, and cash-flow conversion," noted Harshal Dasani, Business Head, INVasset PMS.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.