Anil Agarwal owned Vedanta's rally in the bourses has catapulted the stock to be more valuable than Nifty 50 giants like Hindalco, and Hero Motocorp.
What Happened: Vedanta's shares have zoomed over 90% in the past 6 months. The company's shares have been upbeat on reports that it is looking to reduce its massive debt. Reports said that Vedanta is looking at a share sale of up to ₹8,500 crore ($1 billion) in the coming weeks.
The company as of March 2024 has a net debt of ₹56,338 crore, down around ₹6,155 crore from the previous quarter.
With the rally in stock price, Vedanta's market value has reached around ₹1.69 lakh crore. This has made the company more valuable than Hindalco, Grasim, LTI Mindtree, Hero Motocorp and 13 other Nifty 50 companies in market capitalisation.
| Nifty 50 Companies | Market Cap (₹ Lakh Crore) |
|---|---|
| Hindalco Industries | 1.58 |
| Grasim Industries | 1.57 |
| LTI Mindtree | 1.42 |
| SBI Life Insurance | 1.39 |
| BPCL | 1.37 |
| Eicher Motors | 1.29 |
| Britannia | 1.25 |
| Tech Mahindra | 1.24 |
| HDFC Life Insurance | 1.19 |
| Cipla | 1.19 |
| Divi's Laboratories | 1.18 |
| IndusInd Bank | 1.13 |
| Hero Motocorp | 1.03 |
| Tata Consumer Products | 1.00 |
| Dr Reddy's Laboratories | 0.98 |
| Shriram Finance | 0.87 |
| Apollo Hospitals | 0.83 |
Price Action: Vedanta’s shares fell 1.57% to ₹447.10 on Thursday’s session.
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