Vedanta shares hit all-time high today: Here we decode why
What's the story
Shares of mining giant Vedanta have hit an all-time high, extending their winning streak to the fourth consecutive session. The stock surged by 6.6% to ₹679.45 per share, taking its total gain over the last four days to 13%. The rally comes amid strong performances in both base and precious metals, despite concerns over US Federal Reserve Chair Jerome Powell's potential criminal indictment affecting market confidence.
Target increase
Nuvama raises Vedanta's target price to ₹806
Brokerage firm Nuvama Institutional Equities has raised its target price on Vedanta shares from ₹686 to ₹806 per share. This new target indicates a potential upside of 26.5% from the stock's closing price on Tuesday. The decision comes as a result of rising base metal prices, value unlocking due to an ongoing demerger, and adjustments in commodity prices and volumes across segments.
Market forecast
Revised estimates and projections
Nuvama has revised its estimates for FY27 and FY28, increasing EBITDA forecasts by 17% and 8%, respectively. The revisions account for higher commodity prices, with aluminum, zinc, and silver prices expected to remain above historical averages amid a global deficit in these metals. The brokerage now expects average aluminum prices of $3,000 and $2,750 (previously $2,700), average zinc prices of $3,000 and $2,900 (previously $2,850), and average silver prices of $60 and $55 per ounce in FY28 and FY27, respectively.
Growth
Vedanta's strong performance
Vedanta's share price has jumped 12% in early 2026, following a stellar 36% return to shareholders in 2025. The stock has also witnessed a massive 111% jump over three years and a 275% rally over five years.