Buy Vedanta; target of Rs 362: Axis Direct

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26 Aug, 2025 12:21

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Axis Direct's research report on Vedanta

Odisha State Pollution Control Board (OSPCB) has directed Vedanta Aluminium to close down its five captive power units at Jharsuguda district in Odisha. OSPCB’s notice comes after hundreds of acres of farmlands mainly paddy fields with standing crops were inundated with fly ash slurry following an 800 meters breach in the embankment of ash pond no. 2 of captive power plant on August 28 evening.

Outlook

Closure of power units may result in temporary power purchase and might push up cost of production of aluminium. We do not expect any major impact unless the rest of power units are also asked to be shut as per the above timelines. Vedanta has mentioned that it is working to resolve the matter at earliest in order to maintain aluminium production. We have a BUY rating on Vedanta with a target price of Rs 362 (10% upside from CMP of Rs 328).
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