Vedanta Ltd

NSE :VEDL   BSE :500295  Sector : Mining & Mineral products

About Company: Vedanta Ltd is a diversified natural resource group engaged in exploring, extracting and processing minerals and oil & gas. The group engages in the exploration, production and sale of zinc, lead, silver, copper, aluminum, iron ore and oil & gas. It has presence across India, South Africa, Namibia, Ireland, Liberia & UAE.
Its other businesses includes commercial power generation, steel manufacturing & port operations in India and manufacturing of glass substrate in South Korea and Taiwan. Presently, India accounts for ~65% of total revenues, followed by Malaysia (9%), China (3%), UAE (1%) and others (22%)

News in VEDL: Promoters of Vedanta Limited, Twin Star Holdings Limited and Vedanta Netherlands Investments B.V. are looking to purchase up to 170 million equity shares of Vedanta Limited at an indicative price of Rs 350 per share, valued at Rs 5,950 crore. The promoter group companies have a purchase offer size of up to 4.57 percent of total shares outstanding as of Sep-30, 2021. J.P. Morgan India Private Limited is acting as the broker to purchasers Twin Star Holdings Limited and Vedanta Netherlands Investments B.V.

Daily Chart of VEDL:

Technical Outlook Of Vedanta:

VEDL Shares prices gained 6.07% today on Monday 22nd Nov 2021. Increase of Rs.18.80 per share. As from the above chart it can be clearly observed that the stock is taking trend line support and heading towards higher levels. As stock today is driven by news of increase in stake by promoter group at price of Rs.350 per share. We can assume that stock will show no signs of weakness despite overall market weakness. Looking at the volumes histogram it can be observed that the rise in prices is supported by heavy volumes.

Hence we suggest to Buy VEDL at current level around 325- 328 for the target price of 350 with stop loss to be maintained below 309