In our Article carried here on 23th March, 2021, we stated that why share price of Vedanta in seen in a narrow range. On Thursday, Aluminium maker Hindalco rose by 6.50% and NALCO by 8.50%, but Vedanta rose by less than 1%. It may be noted that Vedanta has higher Aluminium capacity (over Hindalco and NALCO), including its 51% subsidiary BALCO.
Vedanta promoters' open offer, now open of 65.10 crore shares, being 17.51% of total issued equity, at Rs. 235 per share, has seen only 4.39 crore shares having tendered, till 1st April, till 3.30 pm, being 6.74% of open offer size, while offer is closing on this Wednesday, 7th April, 2021 at 3.30 pm.
It is possible that large quantity may get bought today, as Secuirity Pay Out will happen by Wednesday 2 pm, which can then get tendered, in open offer. This also implies and indicate that promoters are seen keen to make this offer successful, to make their stake rise in Vedanta to around 73%
If one artificially make any share to rule low or high, it can not remain there for a long time.
We expect Vedanta to show good upmove from Thursday, while an article in that regard was also carried on Wednesday 31st March, here.
This is not a buy recommendation, while stock recommendations are provided exclusively to our paid members in the Member Zone.