Emkay initiates coverage on Vedanta & Nalco; shares may surge up to 23%

Emkay Global has initiated a 'buy' rating on Vedanta and Nalco due to strong aluminium market dynamics and price increases, projecting up to 23.5% upside. Key factors for Vedanta include demerger, project delivery, dividends, and deleveraging. Nalco is expected to see solid earnings momentum and attractive valuations.