ICICI Securities Trims Vedanta Target Price to Rs 345 Amid Zinc India Boom

Vedanta's Zinc India business is expected to remain a key growth driver for the conglomerate, according to ICICI Securities. The brokerage has cut its target price for Vedanta from Rs 369 to Rs 345.

The company derives 95% of its EBITDA from Zinc India, followed by Zinc International. Vedanta had demerged into five listed entities in May, consisting of Zinc India, Zinc International, Copper and Ferrochrome as major businesses.

Higher commodity prices have lifted EBITDA for the company and its demerged entities. Vedanta reported a 99% year-on-year rise to Rs 8,500 crore in its EBITDA, driven by increased realisation amidst rising base metal prices and lower cost of production.