Shares of Vedanta Iron & Steel have surged 89% within 12 days of listing. What is fueling the increase?

Shares of Vedanta Iron & Steel jumped another 7% on Wednesday, extending a sharp rally that pushed the company’s share price up 89% in less than three weeks since entering the market in June.

Shares of Vedanta Iron & Steel on June 15 on the NSE traded at Rs. were listed at a rate of 20, as the four companies spun out of Vedanta completed the mega demerger and made their much-awaited market debut. The market capitalization of the company at the time of market debut was around Rs. 7,821 crore was

The company’s stock today jumped over 7 percent to Rs. A new record high of 37.84 was reached. Its market capitalization is currently around Rs. 14,797 crores. This means that the sharp post-listing rally took the company’s market value to around Rs. 6,976 crore has been added.

Also read | Shares of Vedanta Iron & Steel listed on BSE at Rs. On 22 the mega demerger was completed

What is fueling the rally in shares of Vedanta Iron & Steel?

Azim Premji-backed Premji Invest’s PI Opportunities AIF V LLP after stock market debut at Rs. Shares of Vedanta Iron and Steel started a sharp rally after buying shares worth 102 crores. PI Opportunities AIF V LLP, the investment arm of Premji Invest, owned by Indian billionaire industrialist and Wipro chairman Azim Premji, has raised Rs. 21.02 at Rs. 101.68 crore bought about 4.84 crore shares.

Also read | Azim Premji supported fund Rs. Shares of Vedanta Iron and Steel rise as it buys 102 crore shares

About Vedanta Iron & Steel

Vedanta Iron & Steel’s operations are spread across India and Africa and focus on exploration, mining and processing of iron ore. It also manufactures high-quality steel, wire rods, TMT bars, pig iron, ductile iron (DI) pipes, ferro-silicon, cement and metallurgical coke.

The company said on Tuesday that stock exchanges have asked to clarify any reason for the significant price movement seen in the counter. A response from the company was awaited, as seen at the time of writing.

How are other demerged Vedanta stocks performing?

Shares of Vedanta Aluminum Metal fell about 1.5% today and have fallen about 11% since listing. Shares of Vedanta Oil & Gas rose 5% after the company got ICRA AA+ (stable) rating.

Shares of Vedanta Power rose nearly 2% today.

Also read | Vedanta Aluminum Vs Power Vs Oil & Gas Vs Iron & Steel | Which Stock Should You Buy?

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