Vedanta Iron & Steel Soars 16%: Premji Invest Fuels Post-Debut Rally!

Shares of Vedanta Iron and Steel have surged, hitting the upper circuit for the third consecutive session on Wednesday. This impressive rally has seen the stock gain over 16% since its market debut earlier this week, largely attributed to a significant investment from Azim Premji-backed Premji Invest.

The investment arm, PI Opportunities AIF V LLP, acquired nearly 4.84 crore shares valued at Rs 101.68 crore. The purchase was made at Rs 21.02 apiece through a bulk deal on Monday, the same day the stock began trading on the exchanges.

Among the four Vedanta Group companies that recently demerged and listed, Vedanta Iron and Steel has emerged as the standout performer. Its market capitalization has soared by more than Rs 1,255 crore in just three trading sessions, climbing from approximately Rs 7,821 crore at listing to Rs 9,076 crore as of Wednesday.

In stark contrast, other demerged entities have faced headwinds. Vedanta Aluminium, considered a large-cap stock, has experienced a sharp decline, hitting the 5% lower circuit for three straight days. This has resulted in a loss of over 14% since its debut and a significant drop in market value, shedding more than Rs 29,000 crore.

Similarly, Vedanta Oil & Gas also hit the 5% lower circuit for the third consecutive session, falling over 14% since its listing. Vedanta Power shares, however, saw a rebound after an initial two-day losing streak, managing to rise and cross its listing price.

Vedanta Iron & Steel operates across India and Africa, focusing on the exploration, mining, and processing of iron ore. The company is also involved in producing high-quality steel, wire rods, TMT bars, pig iron, and ductile iron (DI) pipes, showcasing a diverse presence in the metals sector.

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