The shares of Vedanta Aluminium Metal made their much-awaited market debut on Monday, listing at Rs 527 apiece on the BSE as the mega demerger entered its final leg with the listing of the four firms spun out of parent Vedanta.On the NSE, Vedanta Aluminium shares debuted at Rs 522 apiece after the special pre-open session that ran from 9-10 am. The company’s market capitalisation at debut stood at Rs 2.06 lakh crore, surpassing parent Vedanta’s total market capitalisation.Market analysts had estimated Vedanta Aluminium to debut in the Rs 398-489 range, with Nuvama expecting the company’s market capitalisation to exceed Rs 1.74 lakh crore. Notably, Vedanta Aluminium debuted as the only large-cap stock among the four Vedanta Group companies that listed on Dalal Street following the demerger.Is Vedanta Aluminium the new ‘crown jewel’ of Vedanta?Vedanta Aluminium stands out as the most attractive entity, ICICI Direct said in a report. “This is supported by its strong contribution to group revenues and margins, along with favourable industry dynamics such as tight global supply, elevated aluminium prices, and ongoing capacity expansions driving volume growth,” it added.ICICI Securities was also the most bullish on the aluminium business, saying the Iran-US conflict could result in a larger-than-expected aluminium supply deficit. Calling Vedanta Aluminium the group’s new “crown jewel”, it pegged the stock’s fair value at Rs 398 per share.More to come...