Shares of the company that acquired JP Associates surged, with domestic and foreign brokerage houses placing significant targets on Vedanta.:

News Topical, Digital Desk : Shares of mining company Vedanta Limited, which acquired bankrupt Jai Prakash Associates, are seeing a surge on October 3rd. This surge in billionaire businessman Anil Agarwal's company's shares follows its quarterly results. Although the company's profit fell nearly 59% year-on-year to ₹1,798 crore, the brokerage firm has issued a buy rating for Vedanta shares. The company's total revenue in Q2 was ₹39,868 crore, compared to ₹37,634 crore last year, a 5.93% increase from the previous year. EBITDA increased 12% year-on-year to ₹11,612 crore, while EBITDA margin expanded to 28.6%.

On Friday, October 31, the shares of Vedanta Limited closed at Rs 493 with a decline of about 1.75 percent, whereas on November 3, it opened with a rise at Rs 502 and touched a high of Rs 509.70.

Brokerage firm CLSA bullish on Vedanta

Global brokerage firm CLSA has maintained an 'outperform' rating on Vedanta Ltd. with a target price of Rs 580 per share. CLSA said the company's Q2 FY26 EBITDA was in line with expectations and expects FY26 EBITDA of over $6 billion.

The brokerage also expressed its views on Vedanta's expansion and backward integration in its aluminum, power, and zinc businesses. It also expects the company's demerger plan to be completed by the end of FY26.

Motilal Oswal Target Price

Meanwhile, domestic brokerage firm Motilal Oswal Financial Services said that Vedanta's second quarter results were better than expected, mainly due to the better performance of the aluminum business. Therefore, the brokerage firm has maintained a 'neutral' rating on the stock with a target of ₹ 550. Brokerage firm Motilal Oswal said that the company increased its FY2026 revenue, EBITDA and PAT estimates by 4%, 2% and 4% respectively.