ICICI Securities has initiated coverage on Vedanta Aluminium Metal (VAML) with a ‘Buy’ rating and a target price of Rs 520, implying over 19% upside. The brokerage expects strong earnings growth, driven by favourable aluminium prices, higher volumes, backward integration and lower costs. It also sees robust cash generation, debt reduction and long-term expansion supporting the company’s outlook.
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September 19, 2026