Vedanta share price jumps 8%, hits 52-week high after CLSA upgrades the stock
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 ₹364.60 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. Also Read: Paytm shares: FPIs, domestic investors, mutual funds raise stake in fintech major despite stock price erosion 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. Also Read: Kolte Patil share price skyrockets 10%, doubles money in a year; Here's why Motilal Oswal sees 34% upside 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. Also Read: Top Stock Recommendations: Sagar Doshi of Nuvama recommends buying Indigo, SBI Cards, and Jubilant
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