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Business News/ Markets / Stock Markets/  Vedanta share price jumps 8%, hits 52-week high after CLSA upgrades the stock

Vedanta share price jumps 8%, hits 52-week high after CLSA upgrades the stock

Vedanta share price has been on an uptrend in the recent past. It has surged almost 33 per cent in April so far, following a little over 1 per cent gain in the previous month.

Vedanta share price jumped on Wednesday after global brokerage firm CLSA upgraded the stock to a 'buy' from an 'underperform'.

Vedanta share price continued witnessing strong buying interest from investors as it jumped almost 8 per cent to hit its fresh 52-week high in morning trade on NSE on Wednesday, April 10. Vedanta share price opened at 347 against its previous close of 338 and jumped nearly 8 per cent to hit its 52-week high of 364.80 on NSE. Around 10:20 am, it traded 7.40 per cent higher at 363 apiece.

Vedanta share price jumped on Wednesday after global brokerage firm CLSA upgraded the stock to a 'buy' from an 'underperform' and raised the target price to 390 from 260, implying a 15 per cent upside potential.

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As reported by CNBC-TV18, CLSA said the company is well-placed to benefit from the commodity upcycle due to its diversified exposure. Moreover, CLSA said the company's efforts to raise capacity and profitability across segments augur well.

"While debt at parent has now declined meaningfully, leverage at the company has increased. Its leverage trajectory and corporate structure will be key to watch," CNBC-TV18 reported CLSA saying so about Vedanta stock.

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Vedanta share price has been on an uptrend in the recent past. It has surged almost 33 per cent in April so far, following a little over 1 per cent gain in the previous month.

The stock has been gaining on expectations of a rebound in the global manufacturing cycle which is expected to augur well for this metals and mining giant.

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Vedanta share price hit its 52-week low of 208 on September 28 last year on NSE. At the current market price of 364.60, it has surged about 75 per cent from its 52-week low, within seven months.

Meanwhile, recent media reports suggested that domestic mutual funds, BlackRock and Abu Dhabi Investment Authority have increased their holdings in Vedanta by almost 2 per cent during the last four months.

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"The world's largest asset manager BlackRock, as well as the Abu Dhabi Investment Authority, along with domestic mutual funds like ICICI Mutual Fund and Nippon India Mutual Fund have increased their holdings in Vedanta by almost 2 per cent during the last four months, said market participants," said a PTI report on April 7.

"At the same time, foreign institutional investors (FIIs) increased their stake in the conglomerate by 1.2 per cent during the corresponding period," the PTI report added.

Earlier in April, the company said its board approved fundraising of nearly 2,500 crore through debt securities. The fundraising would take place through the issue of non-convertible debentures on a private placement basis.

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