Vedanta Aluminium share price gains for the first time since listing; Kotak, Citi initiate buy calls

Shares of Vedanta Aluminium Metal Ltd (VAML) rose 3 percent intraday on June 18, snapping a two-session losing streak since its June 15 listing, after Kotak Institutional Equities (fair value around 600 rupees, 29 percent upside) and Citi (target 560 rupees) initiated coverage with Buy ratings. The stock had debuted at a 331 percent premium to its discovered price of about 121 rupees. Kotak forecasts EBITDA and PAT CAGRs of 23 percent and 33 percent respectively for FY26-FY29, citing capacity expansion, backward integration into bauxite and coal, and a structural global aluminium deficit supporting prices.