Vedanta shares jump 6% to hit record high; surge nearly 12% so far this month

New Delhi: Shares of oil-to-metals conglomerate Vedanta jumped 6 per cent on Wednesday to hit a record high, with the stock surging nearly 12 per cent so far this month.

The stock surged 6.06 per cent to settle at Rs 675.70 on the BSE. During the day, it climbed 6.63 per cent to hit a record high of Rs 679.40.

At the NSE, it jumped 6.04 per cent to Rs 675.75.

The rally took the company's market valuation to Rs 2,64,224.92 crore at the close of trade.

So far this month, the stock has jumped 11.88 per cent on the BSE.

Last year, the stock zoomed nearly 36 per cent.

Metal stocks were in high demand on Wednesday, with the index climbing 2.67 per cent to end at 38,459.35. During the day, the index hit its all-time high of 38,657.24.

The Nifty Metal index rose 2.7 per cent, scaling fresh record highs, extending its rally for the third consecutive session as global metal prices surged, Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.

Rally in Vedanta shares was in sharp contrast to the bearish trend in equities.

The 30-share BSE Sensex dropped 244.98 points or 0.29 per cent to settle at 83,382.71. The 50-share NSE Nifty declined 66.70 points or 0.26 per cent to 25,665.60.