SynopsisVedanta's demerger saw mixed fortunes for its listed entities. While Vedanta Power and Oil & Gas shares dipped, Vedanta Aluminium and Iron & Steel surged, with the latter showing significant gains post-listing. Analysts are bullish on Vedanta Aluminium, citing strong global demand and operational strengths, with multiple brokerages initiating 'Buy' ratings and projecting substantial upside.AgenciesVedanta Aluminium Metal appears to offer the most compelling risk‑reward among the five entities for long-term investors.The shares of Vedanta Power and Vedanta Oil and Gas tumbled nearly 3% each, while those of Vedanta Aluminium Metal and Vedanta Iron and Steel jumped up to 5% on Wednesday.Vedanta Power and Vedanta Iron and Steel shares are still trading above their listing prices, while Vedanta Aluminium and Vedanta Iron and Steel shares have slipped below the level at which they debuted on stock market last week, concluding the final leg of Vedanta’s mega demerger, which was one of India’s biggest corporate restructurings in the metals and mining sector.Vedanta Iron and Steel share priceVedanta Iron and Steel shares jumped nearly 5% to trade at Rs 29.3 apiece on NSE, with its market capitalisation now nearing Rs 11,227 crore. The shares of the company have surged 47% in just eight sessions since listing at Rs 20 apiece.Notably, PI Opportunities AIF V LLP, an investment arm of Premji Invest, which is owned by Indian billionaire businessman and Wipro Chairman Azim Premji, bought nearly 4.84 crore shares worth Rs 101.68 crore at Rs 21.02 apiece through a bulk deal last week, boosting investor sentiment for the smallcap stock.Vedanta Aluminium Metal share priceVedanta Aluminium Metal shares jumped nearly 3% to trade at Rs 468 apiece on NSE. After listing at Rs 522 apiece last week, the stock has fallen more than 10% so far since listing, despite bullish brokerage calls.The company currently has a market capitalisation of more than Rs 1.78 lakh crore, higher than its parent Vedanta whose market cap currently stands at nearly Rs 1.1 lakh crore.Also Read | CLSA initiates Outperform call on Vedanta Aluminium shares, sees 18% upside potential. Here's whyVedanta Oil and Gas share priceVedanta Oil and Gas also fell around 2.5% to trade at Rs 32.46 apiece today in the morning, pushing the company’s market capitalisation to Rs 12,775 crore. The shares of the oil and gas business of the conglomerate have now fallen around 15% since listing at Rs 38 apiece on NSE last week.Vedanta Power share priceVedanta Power shares fell around 3% to trade at Rs 42.88 apiece on NSE today. The stock is around 3% up from its listing price of Rs 41.8 apiece. The company currently has a market capitalisation of more than Rs 16,752 crore.What lies ahead?From a pure valuation and structural standpoint, Sunny Agrawal, Head of Fundamental Research at SBI Securities, said that Vedanta Aluminium Metal appears to offer the most compelling risk‑reward among the five entities for long-term investors. The aluminium business has emerged as the largest and most scalable vertical within the group, benefiting from strong global demand drivers (EVs, renewables, infrastructure) and integrated cost efficiencies, which enhance margin resilience across cycles, he noted, adding that by contrast, the residual Vedanta housing the zinc-silver business (Hindustan Zinc stake + Zinc International) and base metals business offers stable cash flows and dividend yield but likely limited valuation re-rating given that much of the zinc value is already priced in.Also Read | Citi, Kotak initiate Buy on Vedanta Aluminium shares, see up to 29% upside. Here’s whyCLSA initiated coverage on the stock with an ‘Outperform’ rating citing various tailwinds, with a target price of Rs 540 apiece, implying an upside potential of more than 18% from the stock’s previous closing price.CLSA said in its note that its rating is supported by a higher for longer aluminium cycle and robust operational tailwinds. "We expect backward integration to lift the company into the first decile of the global cost curve, along with near term volume growth visibility. Strong FCF generation (even after assuming aluminium LME at a discount to spot) is likely to support deleveraging and dividend payout,” it added.Last week, Citi and Kotak Institutional Equities initiated coverage on the stock with a ‘Buy’ rating and a target price of Rs 560 and 600, respectively. International brokerage Citi named the newly-listed stock its top Indian metals pick.Also Read | Vedanta Aluminium vs Power vs Oil & Gas vs Iron & Steel | Which stock should you buy?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)Read More News on(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. 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