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JP Morgan backs Vedanta after Viceroy report, says "not getting distracted"
Devanshu Singla New Delhi
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After US-based short-seller Viceroy Research alleged that the Anil Agarwal-led Vedanta Group is "financially unsustainable and operationally compromised," global brokerage JP Morgan has backed the mining giant saying that it is not distracted by the claims and maintains its 'Overweight' rating on Vedanta and its bonds.
The brokerage said that it remains comfortable with Vedanta's leverage and the government's oversight of Hindustan Zinc.
Analysts at JP Morgan believe Vedanta is cheap within the Asian and emerging market (EM) metals and mining space, supported by healthy Ebitda generation ($5 billion run-rate), improved funding access (with $1 billion in bank loans raised
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