Sell Vedanta, target price Rs 235: Religare Broking

Religare Broking has sell call on Vedanta with a target price of Rs 235. The current market price of Vedanta is Rs 259.25. Vedanta Ltd., incorporated in the year 1965, is a Large Cap company (having a market cap of Rs 95476.26 Crore) operating in Diversified sector.

Vedanta Ltd. key Products/Revenue Segments include Aluminium, Copper, Oil & Gas, Pig iron, Iron Ore, Others, Power, Metallurgical Coke, Export Incentives, Scrap, Other Operating Revenue, Other Sales for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 39355.00 Crore, down -2.67 % from last quarter Total Income of Rs 40433.00 Crore and up 35.00 % from last year same quarter Total Income of Rs 29151.00 Crore. Company reported net profit after tax of Rs 5592.00 Crore in latest quarter.

Investment Rationale
After failed attempt to surpass the hurdle at 270, it has formed a fresh shorting pivot.

Promoter/FII Holdings
Promoters held 209.07 per cent stake in the company as of 30-Jun-2022, while FIIs owned 52.59 per cent, DIIs 8.13 per cent.