Shares of Vedanta Iron and Steel Ltd, one of the four newly listed companies demerged from Vedanta Ltd under its restructuring plan, extended their rally for the seventh straight session on Wednesday. The stock rose 4.98 per cent to settle at Rs 29.50, taking its gain to 50.51 per cent from its listing-day (June 15) intraday low of Rs 19.60.

The stock witnessed strong buying interest on BSE, with nearly 1.01 crore shares changing hands, more than double its two-week average trading volume of 40.12 lakh shares. The counter recorded a turnover of Rs 29.23 crore, while the company's market capitalisation (m-cap) stood at Rs 11,535.64 crore.

Ravi Singh, Chief Research Officer at Master Capital Services, noted that the stock has seen a stellar upmove post its recent listing, suggesting that Vedanta Iron has the potential to hit Rs 32 level in the near term.

That said, Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, advised, "For any kind of serious investment decisions, I tend to wait for a couple of quarters and monitor how results are going to pan out."

For those willing to enter, 'buy-on-dip' would be the strategy, Bathini added.

Vedanta Iron is a fully integrated iron and steel company with operations spanning India and Africa. Formed through the integration of businesses such as Sesa Iron Ore, ESL Steel Ltd and Western Cluster Ltd, the company has a presence across the iron ore and steel value chain, covering exploration, mining, processing and manufacturing. Its product portfolio includes steel, wire rods, TMT bars, pig iron, ductile iron (DI) pipes, ferro-silicon, cement and metallurgical coke.

Through its wholly owned subsidiary ESL Steel Ltd, the company operates a greenfield integrated steel plant at Bokaro, Jharkhand, with an annual steel production capacity of 1.5 million tonnes.

Meanwhile, Vedanta's demerger process has been completed with the listing of four separate entities -- Vedanta Iron, Vedanta Aluminium Metal Ltd, Vedanta Oil and Gas Ltd, and Vedanta Power Ltd. Along with Vedanta, the conglomerate now has five listed companies.

"Each of the five sectors is exciting and holds tremendous potential. We remain committed to being a dividend-paying entity and creating value for all the companies," said Anil Agarwal, Founder and Chairman of Vedanta Group.

Highlighting the opportunities in India, Agarwal said the group plans to invest $20 billion over the next five years. "Each of these companies has the potential to reach $100 billion in revenue," he added.