Money doubles in 13 days, new shares of Vedanta make stormy entry in the market; Investors rush to buy

Vedanta Iron and Steel Share Price: Anil Aggarwal’s company Vedanta, famously known as Metal King, is in the news after the share listing of Vedanta Iron and Steel, which emerged from the demerger. The reason is the better performance of the stock in the stock market. Today, on Thursday, July 2, this stock once again reached the upper circuit of 10 percent. This share of Vedanta Iron and Steel was trading at a new record price of Rs 42.65 on the National Stock Exchange. The money of investors investing in this multibagger stock has doubled in just 13 days.

On June 15, shares of Vedanta Iron and Steel were listed in the domestic stock market. The company’s shares were listed at Rs 20 on the National Stock Exchange (NSE) and Rs 22.25 on the Bombay Stock Exchange (BSE). Since its listing in the stock market, there is a continuous rise in this stock. The stock hit the upper circuit in most of the trading sessions so far. Today on July 2 it touched its highest level of 42.65. It has climbed 113 percent since listing.

Exchange sought response from the company

The stormy rise in the shares of Vedanta Iron and Steel has not only attracted the attention of the investors, but the stock exchanges also had to shift their attention towards it and Xchange had also sought clarification from the company regarding this rise in the shares. The clarification given by the company in the exchange filing on Wednesday said that it does not have any important information, event or announcement of any kind, which has not been placed before the exchange. Vedanta Oil and Steel also clarified that it has no significant information about this rise in share price.

Why did Vedanta shares rise?

The biggest rise in the shares of Vedanta Iron and Steel came when the country’s veteran businessman and founder chairman of Wipro. Azim Premji PI Opportunities AIF V LLP, the investment arm of Premji Invest, backed by , bought most of the company’s shares shortly after the listing. This investment entity bought shares worth about Rs 102 crore under the bulk deal. The most interesting thing is that at that time the price of one share was Rs 21.02 and the company bought a total of 4.84 crore shares.

It is noteworthy that before the demerger, the iron and steel business was part of Vedanta Limited. Now after becoming a separate company, investors are seeing it as an independent iron and steel business. The expectation of unlocking value from this has also increased purchasing.

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Shares of other Vedanta companies

on Thursday, July 2 Vedanta Group A good rise is also being seen in the shares of other demerged companies. Vedanta Aluminum shares are trading up by about 4 percent. At the same time, shares of Vedanta Oil and Gas are seeing a rise of more than 13 percent. By the time this news was written, this share had touched the record level of Rs 44.05. At the same time, shares of Vedanta Power have also made their all-time high of Rs 47.78 with a jump of about 8 percent. During this period, shares of parent company Vedanta Limited rose by 1.5 percent and were seen trading at Rs 279.80.