Vedanta Iron and Steel shares rocket 113% in 13 sessions since listing; market value more than doubles

Vedanta Iron and Steel shares surged 113% to Rs 42.65 in just 13 sessions since listing at Rs 20 on June 15, more than doubling its market capitalisation to Rs 16,677.81 crore from Rs 7,821 crore. The rally was catalysed by Premji Invest buying shares worth Rs 102 crore at Rs 21.02 per share through a bulk deal, with the stock hitting upper circuits in nine of its first ten sessions. The surge follows the Vedanta demerger that created four listed entities, though other demerged arms like Vedanta Aluminium Metal have declined nearly 10% since listing.