This demerged Vedanta entity is up 100% in 12 days of listing

Shares of Vedanta Iron & Steel Ltd., one of the four demerged entities of the Vedanta Group, are locked in a 10% upper circuit on Thursday, July 2.Ever since its listing in June, the stock has either been locked in a 5% circuit or a 10% upper circuit as it has been for the last three sessions, after its exit from the trade-for-trade segment.

With these moves, the stock has already doubled in value in just 12 days of being listed as a public company.

Vedanta Iron and Steel had listed at a price of ₹21 per share, becoming of the four demerged entities that Vedanta separated from the then listed entity.Sesa Iron Ore, ESL Steel and other value added products, including steel, wire rods, TMT Bars, ductile iron pipes are some of the products that are part of this entity.

During the interaction with CNBC-TV18 on the listing day of these demerged entities last month, Vedanta Group Chairman Anil Agarwal said that his vision is to produce 50 million tonnes of steel but the initial target will be to scale up operations from 4 million tonnes to 15 million tonnes.

Currently, no analysts have coverage on Vedanta Iron and Steel, as of yet, with most of the coverage being given to the Aluminium division with Emkay being the most recent one.

With the stock having doubled since its listing, the company’s market cap has surged from ₹8,235 crore at the time of listing, has now surged to nearly ₹17,000 crore.

Shares of Vedanta Iron and Steel are now locked in a 10% upper circuit at ₹42.65.