Vedanta Group Stocks Rally Up To 12% As Vedanta Power, Oil And Gas, Iron And Steel Shares Jump
Add Preferred News Source
Vedanta's demerged stocks were buzzing in Wednesday's trade, with Vedanta Power surging nearly 12%. Oil and Gas jumped 7% and Iron and Steel gained around 5% as volumes picked up across the counters.
Vedanta group stocks were on a tear on Wednesday, October 14, as heavy trading in the recently demerged companies pushed Vedanta Power up nearly 12%, Vedanta Oil and Gas 7% higher and Vedanta Iron and Steel up around 5% by afternoon trade.
Vedanta Power was the biggest mover. The stock jumped 11.76% to ₹33.83 on the NSE at 12:12 pm, a gain of ₹3.56 from its previous close. Vedanta Oil and Gas followed, rising 7.02% to ₹32.63, while Vedanta Iron and Steel climbed 4.98% to ₹30.14.
The rally gathered pace as trading volumes surged across the demerged Vedanta counters, which have seen sharp price swings since their stock market debut. Vedanta Power alone saw volumes run several times above its recent average, while Oil and Gas and Iron and Steel also witnessed heavy activity.
The simultaneous rally has put Vedanta's demerged stocks firmly back on traders' radar, with the market continuing to price the power, oil and gas and iron and steel businesses independently following the group's restructuring.
Vedanta Power Shares Lead The Rally
Vedanta Power stole the show on Wednesday, surging nearly 12% and emerging as the strongest performer among the recently demerged Vedanta companies.
The stock was at ₹33.83 at 12:12 pm, compared with its previous close of ₹30.27. The sharp rally came alongside a jump in trading activity in the counter.
Vedanta Oil and Gas was also firmly higher at ₹32.63, up 7.02% from ₹30.49. The stock had gained more than 8% earlier in the session before giving up some of those gains.
Vedanta Iron and Steel joined the action with a 4.98% rise to ₹30.14, against its previous close of ₹28.71.
The three-way move made Wednesday's session stand out for the Vedanta pack, with buying spreading across multiple demerged businesses instead of remaining concentrated in one counter.
Why Are Vedanta Group Stocks In Focus?
The latest rally comes as investors continue to assess the standalone valuations of Vedanta's businesses following the group's demerger.
The restructuring separated Vedanta's operations into independently listed companies spanning power, oil and gas, iron and steel and aluminium, alongside the continuing Vedanta Ltd.
The demerged counters have seen significant volatility since listing as the market adjusts to their individual business profiles, earnings prospects and valuations.
Wednesday's surge has brought that price-discovery process back into focus, with Vedanta Power leading the move and strong buying spreading to Vedanta Oil and Gas and Vedanta Iron and Steel during the session.
Also Read - Jio Platforms Can File Its IPO Red Herring Prospectus Today; ₹30,000 Crore Issue Could Open Next Week
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
Right Tools, Rich Insights
