Vedanta surges over 13% as company to set up iPhone manufacturing hub in Maharashtra

Shares of multinational mining company Vedanta extended their rally to the fifth consecutive day and rose over 13 per cent in Wednesday’s trade after company chairman Anil Agarawal said in an interview with CNBC TV18 that Vedanta will set up a hub to manufacture Apple iPhones and other television equipment in Maharashtra.

At 2.06 pm, the scrip was trading 11.40 per cent higher over the previous close of Rs 309.30. It touched the day's high of Rs 314.80 on BSE. The stock has risen nearly 100 per cent in the last three years, while it has surged over 12 per cent in the last month.

On Tuesday, Gujarat government said in a statement that Vedanta group has signed a memorandum of understanding (MoU) as a part of which the company will invest more than Rs 1.54 lakh crore in the state to set up a semiconductor and display fabrication unit.

“The proposed semiconductor manufacturing fab unit will operate on the 28nm technology nodes with wafer size 300 mm; and the display manufacturing unit will produce Generation 8 displays catering to small, medium and large applications,” a joint statement released on Tuesday read.

While the highest target for Vedanta goes up to Rs 676, according to Trendlyne data, the average estimate of Rs 342.8 shows an upside potential of around 16.7 per cent from current prices.

Out of the 14 analysts covering the stock, two are bearish on the stock while 10 are bullish.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)