Here's a stock market update focusing on Vedanta, Reliance Industries, IEX, and NBCC India:
Vedanta
Vedanta has demonstrated strong operational performance in Q1 FY26, marked by record alumina production at its Lanjigarh refinery and peak mined metal output from Zinc India. Zinc International's output also saw a significant increase, along with a surge in Ferro Chrome production driven by record ore production. Power sales also rose, reflecting widespread strength across Vedanta’s diverse segments. Vedanta's highest ever first quarter mined metal production of 265 kt was in line with mine preparation activities. The updates were announced post market hours, and Vedanta shares closed at Rs 458.10 on the NSE, down by Rs 11.35 or 2.42%.
Vedanta announced a first interim dividend of Rs 7 per equity share for FY26, totaling approximately Rs 2,737 crore. The record date for dividend eligibility is set for Tuesday, June 24, 2025. Vedanta sold a 1.6% equity stake in Hindustan Zinc for Rs 3,028 crore through a block deal to reduce debt and enhance financial flexibility amid its demerger plans. HZL shares dropped over 6% following this news.
NCLT deferred approval for Vedanta's demerger to the next hearing on August 20. The demerger involves separating Vedanta's metals, power, aluminium, and oil and gas businesses to unlock potential value. After the demerger, six independent verticals will be created: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Limited. Emkay Global has recommended a BUY rating on Vedanta with a target price of Rs 525, citing the strong fundamentals of Hindustan Zinc.
Reliance Industries
Reliance Industries Ltd (RIL) is restructuring its consumer business by spinning off its fast-moving consumer goods (FMCG) brands into a new subsidiary, New Reliance Consumer Products Ltd (New RCPL). This move aims to give the business specialized attention and attract a different set of investors, potentially paving the way for a mega IPO. The FMCG brands, currently housed across three group entities, will be consolidated under New RCPL. RIL chairman Mukesh Ambani has previously indicated plans for IPOs of the group's telecom and retail arms.
Analysts are generally bullish on Reliance Industries, citing growth drivers and a potential valuation re-rating. CLSA analysts expect to see notable improvements in KPIs across its key businesses from Q1 FY26 onward. Reliance Retail is expected to report high-teens EBITDA growth year-on-year from Q1 onward, driven by streamlining benefits. In telecom, Jio added 2.6 million mobile subscribers in April 2025. Nuvama has reiterated a 'buy' call and raised its target price to ₹1,801.
Indian Energy Exchange (IEX)
Indian Energy Exchange (IEX) shares jumped 6.5% to Rs 215.4 on strong NSE trading volumes. The stock has gained nearly 18% YTD and 74% in two years. Strong institutional and FII holdings reflect continued investor confidence in the company's long-term potential and consistent performance. IEX posted a rise of over 21% in consolidated net profit to Rs 117.11 crore in the March quarter of FY25, mainly on the back of higher revenues.
IEX's power market update for June 2025 and Q1 FY26 was released. Dr. Puneet Chitkara was appointed as the Head of Strategy (Senior Vice President) with effect from July 1, 2025. The company announced the closure of the trading window for unaudited financial results for the quarter ending June 30, 2025.
NBCC India
NBCC reported a 29.4% YoY increase in net profit, reaching Rs 176 crore for Q4FY25, alongside a 16.2% rise in revenue to Rs 4,642.5 crore. The board has recommended a final dividend of Rs 0.14 per share. NBCC has secured new work orders worth around Rs 120.90 crore in its regular business activities. The company has been awarded three major projects.
