Vedanta Demerged Stocks Surge: Which New Entity is Leading the Pack?

The massive corporate restructuring of Vedanta has entered its final stage as the newly demerged entities began showing signs of recovery. While the broader market faced a downturn, four separate Vedanta stocks surged by up to 5% on Friday, signaling a potential shift in investor sentiment following a volatile market debut.

Vedanta Iron and Steel: The Star Performer

Among the newly listed entities, Vedanta Iron and Steel has emerged as the clear leader. The stock hit the 5% upper circuit on Friday, reaching Rs 25.57 per share on the NSE. Since its debut at Rs 20, the stock has skyrocketed by 28% in just five sessions, bringing its market capitalisation close to the Rs 10,000 crore mark.

Investor confidence was significantly bolstered by a massive bulk deal on Monday, where PI Opportunities AIF V LLP—the investment arm of Azim Premji’s Premji Invest—acquired approximately 4.84 crore shares worth Rs 101.68 crore at Rs 21.02 per share. Analysts attribute this outperformance to a constructive structural setup in the steel cycle, supported by domestic capacity discipline and capex revival.

Aluminium and Oil & Gas: Navigating Volatility

Despite Friday's gains, the journey for Vedanta Aluminium Metal and Vedanta Oil and Gas has been more turbulent.

Vedanta Aluminium Metal, which boasts a massive market capitalisation of over Rs 1.7 lakh crore (surpassing its parent company), saw its shares climb nearly 3% to trade at Rs 461.04. However, after listing at Rs 522, the stock has faced several lower circuits and remains down roughly 12% from its debut price. Experts suggest this correction is a valuation reset rather than a structural issue.

Similarly, Vedanta Oil and Gas hit the 5% upper circuit to reach Rs 32.88, but it has struggled since its Monday listing at Rs 38. The company's market cap now stands at Rs 12,842 crore, but the stock has seen a cumulative decline of approximately 13.5% since its debut due to challenges like declining production trajectories in domestic blocks.

Vedanta Power: 防御性布局

Vedanta Power 表现出更强的稳定性，在周五上涨 4% 后，交易价格为 42.2 卢比。目前其市值超过 16,400 亿卢比，股价目前仅比 41.8 卢比的上市价格高出不到 1%。鉴于其受监管的回报，分析师认为在四家实体中，电力板块是最具防御性的，能够提供稳定性，但爆发性的上涨空间有限。

专家对分拆后价格发现的展望

市场专家表示，当前的波动是重大分拆后“价格发现”阶段的标准组成部分。INVasset PMS 业务主管 Harshal Dasani 指出，投资者应超越眼前的价格波动，转而关注大宗商品周期和资产负债表的健康状况。他认为，虽然钢铁行业受益于周期早期的优势，但由于油田趋于成熟以及原油价格缺乏支撑，石油和天然气板块面临的局面更为严峻。

核心要点

• 表现最佳： Vedanta Iron and Steel 表现最为突出，自以 20 卢比的价格上市以来已飙升 28%。
• 市值领先者： Vedanta Aluminium Metal 是市值最高的实体，市值超过 1.7 万亿卢比。
• 投资策略： 专家建议根据大宗商品周期和资本支出（capex）的可预见性来评估这些股票，而非短期波动。