Vedanta Iron & Steel Shares Double Within 12 Trading Days Of Listing

Vedanta Iron & Steel Ltd., one of the four companies created through the Vedanta Group's demerger, continued their rally on Thursday. The stock was locked in the 10% upper circuit at ₹42.65. Since its listing in June, the stock has consistently hit either the 5% or 10% upper circuit. The latest gain comes after the stock exited the trade-for-trade segment three sessions ago.

With the continued rally, Vedanta Iron & Steel Ltd. shares have gained nearly 100% in just 12 trading days since its market debut.

Market Capitalisation Surges

Vedanta Iron & Steel was listed at ₹21 per share, making it one of the four demerged entities of Vedanta Ltd. The sharp rise in the share price has lifted the company's market capitalisation from around ₹8,235 crore at listing to nearly ₹17,000 crore.

Business Operations

The company houses Vedanta's iron ore and steel businesses. Its portfolio includes Sesa Iron Ore, ESL Steel, as well as value-added steel products such as wire rods, TMT bars and ductile iron pipes.

Expansion Plans

Speaking after the listing of the demerged entities last month, Vedanta Group Chairman Anil Agarwal said the long-term objective is to build 50 million tonnes of steel production capacity. The immediate goal is to expand capacity from 4 million tonnes to 15 million tonnes.

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Analyst Coverage

Vedanta Iron & Steel is yet to receive formal analyst coverage. Most brokerage firms have instead focused on Vedanta Aluminium, with Emkay being among the latest to initiate coverage of that business.