ICICI Securities has initiated a ‘Buy’ call on Vedanta, with a target price of Rs 600, projecting an 18% upside from the current market price. The brokerage emphasizes significant volume growth aspirations across all divisions, particularly in aluminum and zinc, which are expected to drive earnings.
Additionally, the report mentions that oil and gas production is likely to bottom up by FY26. ICICI Securities also projects that Vedanta’s growth vectors could help reduce debt by $3 billion over the next three years. The dividend yield is anticipated to sustain at over 5% per annum.
Current market price (CMP): Rs 509.25 at 8AM, Oct 7, 2024
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