Metal giant, Vedanta Ltd, which has recently cancelled its fourth interim dividend payout for FY25, is an attractive bet during the trading session of Friday, October 25, 2024. Brokerage Prabhudas Lilladher has set a buy call on Vedanta for an intraday target price of Rs 500. Amidst volatile market on Thursday, this metal giant stock gained by over 1% to clear above Rs 468 levels.
Vedanta Share Price:
After market hours of October 24, Vedanta stock price closed at Rs 468.75 apiece, up by Rs 5.85 or 1.3% on BSE, with market cap at Rs 1,83,299.44 crore.
The stock is significantly away from its 52-week high of Rs 523.60 apiece, but has more than doubled from its 52-week low of Rs 211.25 apiece.
The price-to-equity ratio of the stock is at 24.78x, while return on equity is at 11.29%.
YTD, Vedanta stock has rallied by 21.49% on BSE so far.
Vedanta Intraday Call:
Shiju Koothupalakkal – Technical Analyst at Prabhudas Lilladher recommends to BUY Vedanta Ltd on Friday. The analyst has set a target price of Rs 500 with stop loss of Rs 458.
As per the Trendlyne data, the consensus recommendation from 16 analysts for Vedanta Ltd. is BUY. The average 1-year target price on Vedanta is at Rs 510.13 apiece, hinting at potentially 9% upside ahead.
Vedanta Dividend:
Vedanta’s board of directors were supposed to meet on October 8, initially, to consider and approve fourth interim dividend for FY25. However, the meeting was postponed to October 9, and now has been cancelled.
Vedanta did not reveal the details of the ‘unforeseen circumstances’.
Later, the company also cancelled the dividend record date of October 16.
Earlier, in 2024, Vedanta paid a 400% second interim dividend worth Rs 4 per share, while the first interim dividend was 1,100% valued at Rs 11 per share. The third interim dividend was a whopping 2,000% worth Rs 20 per share and for this, Vedanta turned ex-dividend on September 10, 2024.
Vedanta Demerger:
Among much-awaited developments in Vedanta is its demerger into six businesses, aka a 1:6 ratio. Vedanta has received approval to demerger metals, power, aluminium, and oil and gas businesses to unlock potential value. After the exercise, six independent verticals – Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Limited – will be created.
Story first published: Thursday, October 24, 2024, 23:29 [IST]
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Original news source Credit: www.goodreturns.in
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