Vedanta Share Price News: JPMorgan Downgrades Rating and Lowers Stock Target Price
JPMorgan, the brokerage firm, has downgraded the rating of Vedanta’s stock and lowered its target price as it believes that the company may face challenges in the business year 2023. The company’s shares saw a slight weakness on Monday due to this report.
Key Details:
– JPMorgan has downgraded Vedanta’s stock rating from neutral to underweight and lowered the target price from INR 350 to INR 280 per share.
– The brokerage firm has stated that the business year 2024 may be challenging for the company, especially if there is no recovery in the LME zinc and aluminum prices.
– The company’s dividend payout is expected to remain at an upper level.
Anil Agarwal, the chairman of Vedanta, is not selling his stake:
There were recent media reports suggesting that Anil Agarwal, the chairman of Vedanta, was considering selling some of his shares in the company. However, Vedanta has denied these speculations and removed them completely.
– Media reports had claimed that Agarwal was considering selling a 5% stake in the company to reduce debt on the commodity business.
Conclusion:
Vedanta’s shares are facing a slight weakness after JPMorgan downgraded the rating and lowered the stock target price. However, investors are advised to wait and watch as the company’s dividend payout is expected to remain at an upper level. Moreover, the recent speculations about the chairman selling his stake have been denied by the company, which is a positive sign for investors.
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