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Vedanta has got buy rating from Goldman Sachs on expected volume growth. Goldman Sachs has initiated coverage on Indian copper and aluminium producer, Vedanta Ltd, with a buy rating and a price target of Rs 280.
“Driven by capacity additions and ramp up, we expect volume growth across businesses. We expect volume growth to contribute most to EBITDA growth over the next four years,” it says.
The brokerage adds that positive zinc outlook and strong volumes will overshadow the current headwinds.
Vedanta's Tamil Nadu copper smelter, India's second biggest, has been ordered shut by the local government on environmental grounds. The company has denied that the plant pollutes the area. An independent judicial committee is expected to decide the fate of the smelter.
About 18 of 20 brokerages have rated the stock “buy” or higher and 2 rate it at “hold”; their median price target is Rs 324, according to Thomson Reuters data.
Vedanta stock - last down 0.2 per cent at Rs 227.50 on Thursday morning - had fallen 23.7 per cent this year.
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