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Shares of the company were listed at Rs 20 apiece on NSE on June 15, as four new Vedanta companies debuted on the stock market to conclude what was one of the biggest corporate restructurings in India’s metals and mining space. The company’s market capitalisation at the time of debut stood at Rs 7,821 crore.
While analysts screamed ‘Buy’ on Vedanta Aluminium shares after the debut, the smallcap counter of Vedanta Iron and Steel quietly began to surge. The sharp rally in Vedanta Iron and Steel shares intensified after Azim Premji-backed Premji Invest’s PI Opportunities AIF V LLP bought shares worth Rs 102 crore after the stock’s market debut. PI Opportunities AIF V LLP, an investment arm of Premji Invest, which is owned by Indian billionaire businessman and Wipro Chairman Azim Premji, bought nearly 4.84 crore shares worth Rs 101.68 crore at Rs 21.02 apiece through a bulk deal.
Also read: Vedanta Iron & Steel shares list at Rs 22 on BSE as mega demerger concludes
Vedanta Iron and Steel shares hit the 5% upper circuit in nine out of its first 10 sessions on Dalal Street. The stock hit the 10% upper circuit for the second consecutive session today to trade at Rs 42.65 apiece on NSE.
This marks a whopping 113% surge from its listing price in just 13 sessions since market debut. The company's market capitalisation has also more than doubled to Rs 16,677.81 crore.
Also read: Vedanta demerger unlocks 20% value; Aluminium arm becomes most valuable
About Vedanta Iron and Steel
Vedanta Iron and Steel has operations spanning India and Africa, and is focused on iron ore exploration, mining and processing. It also produces high-quality steel, wire rods, TMT bars, pig iron, ductile iron (DI) pipes, ferro-silicon, cement and metallurgical coke.The company on Tuesday said that stock exchanges have asked to clarify any reason for the significant price movement seen in the counter. The company responded by saying that there is no material event, information, or announcement in this regard.
How are the other demerged Vedanta stocks performing?
Vedanta Aluminium Metal shares jumped 4% today, but have declined nearly 10% since listing. Vedanta Oil and Gas shares meanwhile jumped nearly 11%, extending sharp gains after the firm received ICRA AA+ (Stable) rating.Vedanta Power shares, meanwhile, jumped over 5% today.
Also read: Vedanta Aluminium vs Power vs Oil & Gas vs Iron & Steel | Which stock should you buy?
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Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price