Do you own this High Quality, Low PE and High Dividend Yield commodity stock that is attracting buyers?

The shares of Vedanta were seen outperform in Wednesday trading session. The stock has been attracting buyers for two consecutive sessions now. The shares of Vedanta managed to close at its day’s high on Wednesday indicating a strong closing.

There was optimism in Vedanta shares as the company announced its intention to unlock value and demerge its entities. Vedanata is believed to have unveiled plans to list its alumnium, iron and steel, and oil & gas business as separate entities.

At current price Vedanta is available at a PE of less than 7 and the dividend yield is more than 5 per cent. Vedanta has been declaring positive results and is catching investors attention as the commodity prices has been in an uptrend. The shares of Vedanta have gained by more than 110 per cent in 2021 alone and have underperformed in the past one month. The 52-week high for Vedanta is at Rs 385 per share.The RSI for the stock is near 60 levels and is rising. A bullish crossover of 9D SMA over 20D SMA was seen on Wednesday, indicating near term bullishness in the counter. 

The BSE Sensex was seen slipping in Wednesday trading session by 314 points. BSE Metal index was down by 0.33 per cent. Vedanta and Hindustan Zinc were the only Metal index constituents that closed in green on Wednesday.