Vedanta shares gain 2%, extend rally for 4th straight session. What’s behind the momentum?
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Shares of Vedanta rose as much as 2% to their day’s high of Rs 504.50 on the NSE on Monday, October 27, as aluminium prices on the London Metals Exchange (LME) remained above $2,850 per tonne. With today’s gain, the stock is up for a fourth consecutive session and has risen 6% over the same period. A combination of tight supply and strong global demand has kept metal prices on an upswing. For instance, Iceland’s Century Aluminum announced a temporary production slowdown at its Grundartangi smelter following an equipment failure, cutting output by nearly two-thirds. The company is currently assessing the impact and determining a timeline for equipment replacement. In a separate development, Vedanta said it will invest an additional Rs 1 lakh crore in Odisha, creating over one lakh direct and indirect jobs. The plan includes a Rs 2,000-crore ferro-alloys plant in Keonjhar and two new aluminium parks — one at Jharsuguda and another at a loca...