Vedanta Power, Oil & Gas, and Iron shares rally up to 5%; Aluminium sheds 3%. Should you buy, sell or hold?

Published 23 June 2026 · finance

Shares of Vedanta Oil & Gas, Vedanta Iron & Steel and Vedanta Power, which were recently spun off from Vedanta following the demerger, surged up

Shares of Vedanta Oil & Gas, Vedanta Iron & Steel and Vedanta Power, which were recently spun off from Vedanta following the demerger, surged up to 5% on Tuesday, extending their winning streak to six consecutive sessions.Among the demerged entities, Vedanta Oil & Gas hit its 5% upper circuit at Rs 36.40 on the BSE, while Vedanta Power was also locked in the 5% upper circuit band at Rs 45.25. Vedanta Iron & Steel, the best-performing stock among the spun-off businesses since listing, extended its winning streak to a sixth straight session and traded at its 5% upper circuit limit of Rs 28.10. In contrast, Vedanta Aluminium Metal, often regarded as the group's crown jewel, declined 3.3% to Rs 464.Which stock are you betting on?Last week, Citi initiated coverage on Vedanta Aluminium shares with a ‘Buy’ rating and a target price of Rs 560 apiece, naming the newly listed stock its top Indian metals pick. The latest target price implies an upside potential of more than 17% from the stock’s previous closing price.Citi listed key drivers for its bullish call, which include a positive aluminium outlook, growth potential (Balco expansion, Vedanta Aluminium debottlenecking), cost focus (higher captive alumina, domestic bauxite and captive coal), and improving leverage.

It expects the company to have a net cash position by FY28.Expecting aluminium prices to hover around $3,400 in FY27-28, Citi explained that every $100 per ton change in LME can impact the company’s EBITDA by 4-5.5%, and subsequently fair value by nearly Rs 30 per share. “We open a 90-D positive CW: Our commodities team believes the aluminium market is in deficit and will draw inventories sharply over the next 3-6 months, driving prices up 15-20% to $4,000 per ton in the base case,” it added.Also read: Vedanta Aluminium vs Power vs Oil & Gas vs Iron & Steel: Which stock should you buy?Vedanta Oil & Gas share priceAccording to Sunny Agrawal, Head of Fundamental Research at SBI Securities, Vedanta Oil & Gas commands a fair value of Rs 42 per share.Vedanta Oil & Gas, which houses Cairn Oil & Gas, claims to be India's leading private-sector upstream player and is targeting production of 300,000 to 500,000 barrels per day through a planned investment of $5 billion. "A little over a decade ago, Cairn was valued at $14.5 billion. When we acquired Cairn, its market capitalisation was half of the asset value. Today, Cairn has grown manifold, adding more reserves as well as a natural gas portfolio," the company had said in a press release earlier this year.Vedanta Power share price Brokerages remain divided on valuations for Vedanta Power.