Stocks in News – Vedanta Limited – While the prices of Vedanta Limited shares dropped over 2.5 per cent on Wednesday - a second consecutive fall - NSE has sought clarification from Vedanta with respect to recent news which reported that Vedanta share price tanked 12% as Madras High Court issued notice for Tuticorin unit. “The response from the Company is awaited,” the NSE website says.

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There was another development regarding the dividend of Hindustan Zinc Limited (HZL), which is a Vedanta Group company. On 17 August (Tuesday), the company deferred its board meeting which was to consider interim dividend for FY22.

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Vedanta share price down 1% on NSE; investors must not worry, traders follow strict stop loss, says Market Guru Anil Singhvi

Hindustan Zinc is a leading zinc-lead miner. The company is subsidiary of Vedanta Ltd which owns 64.92 per cent stake in the company as on June 2021. Meanwhile, public holding is around 35.08 per cent.

Stocks in News – Vedanta Limited share – Analyst Nilesh Jain, Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking, said that the long-term outlook on this stock remains positive. The Vedanta shares ended at Rs 295.50 on the NSE on Wednesday. They were down by 2.5 per cent or almost Rs 7.6 from the last closing price of Wednesday. He said that the long-term investors must hold on to this stock with a stop loss of Rs 280.

He said that there could be some correction, going forward, but the structures look strong on the charts. The 52-week high for this stock is Rs 341.45 which it achieved on 16 August (Monday).    

Stocks in News – Hindustan Zinc share – This stock ended at Rs 322.05 on the NSE on Wednesday, up by almost 1.4 per cent. Jain said that HZL shares were showing sideways consolidation. Stock has a strong support at Rs 305. He expects a target price of Rs 350 over the next 8-10 days.

He said that existing investors should hold on to this stock as it may go up to levels around Rs 400 over the next 6-8 months. It has been a laggard among its metal and mining peers and may now come to the part, the technical analyst added. The 52-week high for this share is Rs 362.10.