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Business News » Markets News

Vedanta Open Offer closes today; know why investors sentiment was dull

While explaining the reasons behind the stale responses of the investors towards open offer of Vedanta that ends today, Zee Business Research Analyst Ashish Chaturvedi says, the diversified nature of the company brings value to the stock and makes it lucrative.

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Vedanta Open Offer closes today; know why investors sentiment was dull
Around 34 per cent of the company's shares have been tendered to the offer: Zee Business

While explaining the reasons behind the stale responses of the investors towards open offer of Vedanta that ends today, Zee Business Research Analyst Ashish Chaturvedi says, the diversified nature of the company brings value to the stock and makes it lucrative.

Vedanta had issued an open offer on March 23, 2021 at the price of Rs 235 per share to buy 17 per cent equity stake in the company. The figures suggest that around 34 per cent of the company's shares have been tendered to the offer.

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Vedanta promoters have been continuously making efforts to increase their stake in the company. However, investors have shown a dull response, be it open offer or delisting offer of shares.

The stock has been seeing a huge bull rally lately. Vedanta, which is a major metal company in the sector, is into the business of aluminium, zinc, copper, steel, iron ore and overall, it has very well diversified its business in the metal space.

वेदांता ओपन ऑफर का आखिरी दिन

जानिए निवेशक क्यों नहीं कर रहे हैं टेंडर?#Vedanta @AshishZBiz pic.twitter.com/WRlQdfvH6f

— Zee Business (@ZeeBusiness) April 7, 2021

Besides, Vedanta also holds around 65 per cent stake in Hindustan Zinc, which is a cash-rich company. Hind Zinc is known for giving huge dividends to the investors and experts predict that there is going to be a huge upside in this metal stock.

Moreover, with 27 per cent recovery in the crude oil, Cairn Oil & Gas vertical of Vedanta can also see an improvement in the earnings.

Despite the huge rally in benchmark indices and broader markets, Vedanta shares are 53 per cent down from its all-time high of Rs 495 apiece.

Life Insurance Corporation, one of the biggest investors in the equity market, had also valued this company's stock at around Rs 320 per share. 

Vedanta share price jumped today by around one and half per cent to close at Rs 237 per share.

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TAGS:
Vedanta Resources
Reported By: ZeeBiz WebTeam
Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Wed, Apr 07, 2021
06:30 pm
Mumbai, ZeeBiz WebDesk
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