JP Morgan Dismisses Viceroy Claims, Stands Firm on Vedanta
JP Morgan has dismissed claims by Viceroy Research, which called Vedanta Resources a 'parasite.' The bank maintains its positive outlook on Vedanta, citing stable financial metrics and transparency. Chairman Anil Agarwal and CEO Deshnee Naidoo refute Viceroy's report as misleading, asserting Vedanta's robust financial health and disclosure practices.
- Country:
- India
In the wake of Viceroy Research's scathing critique of Vedanta Resources, global investment giant JP Morgan has chosen to maintain its optimistic view of the firm. The financial behemoth reaffirmed its 'overweight' rating on Vedanta, brushing aside the 'parasite' allegations and focusing on Vedanta's solid financial metrics.
In a comprehensive note, JP Morgan accentuated its confidence in Vedanta's leverage position and the Indian government's vigilance over its subsidiary, Hindustan Zinc. Highlighting Vedanta's cash flow strength and excluding Hindustan Zinc earnings, JP Morgan sees no financial distress in sight.
Anil Agarwal, Vedanta's chairman, along with CEO Deshnee Naidoo, countered Viceroy's accusations, denouncing their report as a compilation of inaccuracies. They emphasized Vedanta's commitment to transparency and financial solidity, positioning the firm firmly against the allegations.
(With inputs from agencies.)
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