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The Economic Times
The Economic Times
Debaroti Adhikary

Vedanta Aluminium shares jump over 3% after Citi, Kotak initiate with Buy, see up to 29% upside. Here’s why

Vedanta Aluminium Citi Vedanta aluminium Sunny Agrawal NSE Vedanta Group

Shares of Vedanta Aluminium Metal rallied over 3% to their day's high of Rs 480 on the BSE on Thursday after Citi and Kotak Institutional Equities initiated coverage on the stock with a ‘Buy’ rating and a target price of Rs 560 and 600, respectively. International brokerage Citi named the newly-listed stock its top Indian metals pick.

While Citi projects 20% upside, Kotak with a higher target forecasts an upside of 29% from current levels. The gains come after the stock dropped nearly 11% in just three days since listing. The latest target price implies an upside potential of more than 20% from the stock’s previous closing price of Rs 465.36 on the NSE.

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