Vedanta shares rally 4% to hit fresh 1-year high. Here’s why

Semiconductors and glass used in making smartphones and laptop screens are very essential from a future perspective, he said, adding that the group is present in both businesses already.

Agarwal said that the group may also look at investing in the entertainment business going forward but did not offer any timeline or investment details.

Meanwhile, when asked about the steel business sale, which was supposed to be sold by March, Agarwal said a transaction depends on getting the right price.

Agarwal also told ET Now that Vedanta hardly has any debt. “We thought of divesting the steel business because that is not my core line. But my people in steel are very bullish and they keep telling me that we are going to expand this to a very different level because we are the lowest-cost producer”.

He said the group has never defaulted on any of its debt repayment commitments, and that each of the businesses will require heavy investments if it were to be started from scratch.

Investors remain bullish on which have rallied 60% so far in the calendar year. “Vedanta is arguably the cheapest commodity stock. And if you have a vision of doubling your money in the next one year, I think it will be Vedanta once the six companies demerge. You will have to take in light that, yes, there is a debt element which has always been a sore spot, but you cannot expand the way Anil Agarwal has over the years till you do not have some debt on the books,” said Sanjiv Bhasin, Director of IIFL Securities.

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