ICICI Securities gives Vedanta Ltd buy rating with ₹330 target
Business
ICICI Securities just gave Vedanta Ltd a buy rating, setting a target price of ₹330.
Analysts are upbeat thanks to Vedanta's strong earnings and growth outlook.
Vedanta posts ₹99.4bn EBITDA 105% jump
Vedanta posted an impressive EBITDA of ₹99.4 billion, a huge 105% jump from last year, mainly thanks to Zinc India's record results and higher metal and silver production.
Costs have dropped too, down 29% year over year, while the new Gamsberg Phase 2 project is set to boost future growth.
ICICI trims target over copper spending
ICICI Securities did trim its target from ₹345 to ₹330 because Vedanta is spending more on copper projects.
Still, it's positive overall, pointing to higher-for-longer zinc prices and expectations of some recovery in silver prices.