Vedanta Iron & Steel shares skyrocket 89% in 12 days since listing. What’s fuelling the surge?

Vedanta Iron and Steel shares surged about 89 percent in 12 sessions since listing at Rs 20 on NSE on June 15 as part of the Vedanta mega demerger, hitting a record high of Rs 37.84. Market cap nearly doubled from around Rs 7,821 crore to about Rs 14,797 crore, adding roughly Rs 6,976 crore in value. The rally was fuelled by Azim Premji-backed Premji Invest buying 4.84 crore shares worth about Rs 102 crore through a bulk deal at Rs 21.02 apiece.