Vedanta shares gain over 2% to hit 52-week high. Here’s what drove the surge
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Shares of metal and mining major Vedanta surged 2.47% to hit a new 52-week high of Rs 616 on the BSE on Monday, December 29, as investor interest in metal stocks gained traction amid broad-based sectoral strength and after the company was declared a successful bidder for the Depo Graphite–Vanadium Block. The uptick in Vedanta also coincided with a strong rally in its subsidiary, Hindustan Zinc Ltd, whose shares touched a fresh all-time high of Rs 646.80 on the BSE during intraday trade. The rally in Hindustan Zinc has been particularly noteworthy, with the stock rising consistently over the past 19 sessions. The sustained uptrend comes amid a sharp global surge in silver prices. Internationally, silver breached the USD 82-per-ounce mark for the first time, while in domestic markets, silver futures crossed Rs 2.50 lakh per kilogram. The strong price action in silver is being closely tracked by market participants, especially those with exp...