Citi upped its target price to Rs 585 from Rs 580 earlier, while Investec reiterated its 'Buy' on Vedanta, saying the stock offers attractive dividend yields, and is a key beneficiary of forex and LME tailwinds.
Vedanta gave a 15-year high Cup and Handle breakout on monthly charts. Such moves push prices out of multi year consolidation to trend higher leading to multifold returns in the next couple of quarters, Nuvama said.
Vedanta has emerged as the highest bidder to acquire Jaiprakash Associates’ assets under NCLT by agreeing to pay Rs 17,000 crore.
JP Power shares: Jaiprakash Power Ventures tumbled 8 per cent during the trading session on Tuesday, falling 7.82 per cent to Rs 25.09.
Jaiprakash Power: The counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs).
JP Power: The stock rose 5.13 per cent to hit a high of Rs 23.56. With this, the stock is up 30 per cent in the past one month and 37 per cent in the past six months.
Shares of Jaiprakash Associates hit lower circuit during the trading session on Friday even the Adani Group emerges as the frontrunner to acquire it.
Emkay Global is awaiting clarity on Dalmia’s roadmap toward 75mtpa (including JAL bid) and its impact on balance sheet/return ratios before ascribing a higher valuation multiple.
JP Associates shares: The stock hit its 5 per cent upper circuit limit at Rs 6.99. It is up 16 per cent in three sessions, but still down 67.35 per cent year-to-date. It hit a 52-week high of Rs 27.17 in February this year.
Jaiprakash Associates shares: The stock climbed 4.88 per cent to close at Rs 6.66 apiece on Tuesday. The scrip has lost 68.89 per cent of its value in 2024 so far. It hit a 52-week high of Rs 27.17 in February this year.
GTL Infrastructure Ltd, Shree Renuka Sugars Ltd, ZEE Media, Zomato and SAIL were some of the stocks leading the NSE volume chart, data available on active NSE stocks suggested.





